Ghana’s public debt stock has recorded a significant decrease, reaching GH¢761 billion as of October 2024, according to the latest data from the Bank of Ghana. This marks a reduction of GH¢46.8 billion from the GH¢807.8 billion reported in September 2024.
The updated figure represents 74.6% of the country’s Gross Domestic Product (GDP). In dollar terms, the debt stands at approximately US$46.8 billion, a decline from US$51 billion the previous month.
Year-on-Year Comparison
Despite the monthly decrease, the year-on-year comparison shows a notable rise, with public debt increasing by GH¢175 billion compared to the same period in 2023.
Debt Composition
- External Debt: GH¢453.7 billion (US$27.9 billion)
- Domestic Debt: GH¢307.3 billion
The primary balance for the economy recorded a deficit of 1.8% of GDP.
Economic Overview
As of October 2024, Ghana’s economy was valued at GH¢1.020 trillion. While the reduction in debt is a positive sign, it reflects ongoing efforts to manage the economic challenges facing the nation and alleviate the debt burden amid significant fiscal pressures.
