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Ghana’s public debt hits GH₵658.6 billion

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In the first two months of 2024, Ghana’s public debt escalated by GH¢47.4 billion, culminating in a total debt of GH¢658.6 billion.

This figure represents 62.7% of Ghana’s Gross Domestic Product (GDP) as of February 2024. The nation’s foreign debt has reached GH₵380 billion, amounting to 36.1% of the GDP.

The Bank of Ghana disclosed these statistics in its May 2024 Economic and Financial Data summary.

The data reveals that Ghana’s debt, which stood at GH¢611.2 billion at the close of 2023, increased to GH¢626 billion in January 2024 and surged to GH¢658.6 billion by February 2024.

The cedi’s depreciation against key currencies has contributed to the rise in debt levels.

Following the profound economic repercussions of the COVID-19 pandemic, Ghana secured a $3 billion financial rescue package from the International Monetary Fund (IMF) to bolster its economy.

The IMF forecasts a gradual reduction in Ghana’s debt relative to its GDP over the coming six years.

As per the IMF’s Fiscal Monitor report in April 2024, it is anticipated that Ghana’s debt-to-GDP ratio will diminish to 69.7% by the year 2029.

The debt-to-GDP ratio is projected to be 83.6% in 2024, with a subsequent decrease to 80.9% in 2025, 77.9% in 2026, 74.9% in 2027, and 72.0% in 2028.

Previously, the IMF had recognized advancements in Ghana’s fiscal management.

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