Dr. Mohammed Amin Adam, the finance minister, has revealed that the central government’s provisional total debt reached GH¢742 billion (US$50.9 billion) as of June this year.

This amount constitutes 70.6 percent of the Gross Domestic Product (GDP).

Delivering the 2024 mid-year budget review in Parliament in Accra on Tuesday, Dr. Adam stated, “This indicates an increase of 22.0 percent due to the effect of the cedi depreciation and continuous disbursements from creditors.”

Breaking down the debt, Dr. Adam explained, “The stock consists of external debt of GH¢452.0 billion and domestic debt of GH¢290.0 billion, representing 60.9 percent and 39.1 percent of the total debt stock, respectively. As a percentage of GDP, external and domestic debt represented 43.0 percent and 27.6 percent, respectively.”