Ghana’s debt reduces in October 2024
If Ghana’s public debt should be shared among Ghanaians, each person would owe GH¢23,630 as of October 2024.
The per capita debt is a fraction of the total debt and the total population.
The latest data released by the Bank of Ghana has shown that the country’s public debt stock was reduced to $46.8 billion equivalent to GH¢761 in October 2024.
In terms of Gross Domestic Product, Ghana’s total public debt stock now stands at 74.6% for the period.
The BoG’s Summary of Economic and Financial Data for October 2024 indicated that the country’s debt was GH¢807.8 billion at the end of September 2024.
Despite the reduction in the total debt stock, this does not exactly reflect significantly since the country still battles the persistent depreciation of its local currency.
On the domestic debt front, the data showed domestic debt in October stood at GH¢301.5 billion, representing approximately 29.6% of GDP.
As of September 2024, the domestic debt stood at GH¢301.5 billion, representing 29.6% of GDP.
External debt for October 2024 stood at $32.0 billion equivalent to GH¢506.3 billion representing 49.6% of GDP.
The report also revealed that the government’s fiscal operations were on target as the deficit-to-GDP stood at 3.9% as of July 2024.
The primary balance was also a deficit of 1.8% of GDP in March 2024.
Meanwhile, Ghana’s economy stood at GH¢1.020 trillion cedis at the end of October 2024.
SSD/ADG
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