Ghana’s central government debt has reached a new high, standing at GHS761.1 billion (USD51.1 billion) as of July 31, 2024. Apexnewsgh reports
This significant increase from the previous figure of GHS587.7 billion (USD53.5 billion) was revealed by Finance Minister Dr. Mohammed Amin Adam.
During the latest monthly Economic Update at the Finance Ministry, Dr. Amin Adam highlighted that the rise in debt in cedi terms is mainly due to the depreciation of the cedi against the US dollar, as well as other contributing factors.
“As of July 31, 2024, Ghana’s provisional nominal central government debt stood at GHS761.1 billion, equivalent to USD51.1 billion. This represents a nominal increase from the previous amount of GHS587.7 billion, equivalent to USD53.5 billion,” he said.
Dr. Amin Adam further explained the impact of the currency’s fluctuations on the debt profile, noting, “The increase in cedi terms and decrease in US dollar terms is attributed to a combination of factors, including cedi depreciation, disbursements from multilateral institutions, and domestic financing of the budget.”
Source: Apexnewsgh.com
