Ghana’s public debt has decreased to GH¢761 billion as of October 2024, marking a reduction of GH¢46.8 billion from GH¢807.8 billion in September 2024.
According to the latest data from the Bank of Ghana, the new debt figure represents 74.6% of the country’s Gross Domestic Product (GDP). In dollar terms, the debt stood at US$46.8 billion, down from US$51 billion the previous month.
Despite the month-on-month decrease, the report shows a significant year-on-year rise of GH¢175 billion in the public debt.
The breakdown of the debt indicates that external debt accounted for GH₵453.7 billion (US$27.9 billion), while domestic debt stood at GH₵307.3 billion. The country’s primary balance recorded a deficit of 1.8% of GDP.
Ghana’s economy was valued at GH¢1.020 trillion as of October 2024, reflecting ongoing efforts to manage the nation’s debt burden amidst broader economic challenges.
Source:TheDotNews