Ghana’s provisional central government debt reached GH¢761.1 billion (approximately US$51.1 billion) by the end of July 2024.
According to Finance Minister Dr. Mohammed Amin Adam, this marks a significant rise from the previous debt figure of GH¢587.7 billion, which was equivalent to US$53.5 billion.
During a monthly economic update at the Finance Ministry in Accra, Dr. Adam explained that while the debt has increased in cedi terms, it has decreased in US dollar terms.
He attributed this to the depreciation of the cedi, along with disbursements from multilateral institutions and domestic budget financing.
“The increase in cedi terms and the decrease in US dollars is attributed to a combination of factors, including cedi depreciation, disbursements from multilateral institutions, and domestic financing of the budget,” Dr. Amin Adam stated.
He noted that the government is fully on track to achieve its debt targets under the International Monetary Fund (IMF) program.
Giving further updates on the external debt restructuring program, he said the government is pleased to officially launch its exchange offer in the coming days, “marking a critical step in our external debt restructuring journey.”
He said the exchange offer “reflects the terms agreed in principle with bondholders on 24th June, including important concessions from our bondholders, ensuring a fair burden sharing between our domestic, official, and commercial external creditors.
The exchange will be open for 21 days,” he noted.
