Source: newsthemegh.com
The national debt of Ghana increased significantly in the first two months of 2024 by GH¢47.4 billion, totaling GH¢658.6 billion.
When February 2024 rolls around, this represents 62.7% of the GDP. At GH₵380 billion, or 36.1% of GDP, the amount of external debt is outstanding.
In its May 2024 Summary of Economic and Financial Data, the Bank of Ghana released these numbers.
The data shows that at the end of 2023, Ghana’s debt was GH¢611.2 billion, but by January 2024, it had climbed to GH¢626 billion, and by February 2024, it had reached GH¢658.6 billion.
A portion of the debt increase can be ascribed to the cedi’s decline in value relative to major trading currencies.
Ghana requested a $3 billion bailout from the International Monetary Fund (IMF) in an attempt to stabilize the economy following the severe effects of the COVID-19 pandemic.
Over the next six years, Ghana’s debt-to-GDP ratio is expected to steadily drop, according to IMF projections.
Ghana’s debt-to-GDP ratio is predicted by its April 2024 Fiscal Monitor to drop to 69.7% by 2029.
The projected ratios for 2024, 2025, 2026, 2027, and 2028 are 83.6%, 80.9%, 77.9%, and 72.0%, respectively.