Ghana's total national debt has reached GH¢742 billion (approximately US$50.9 billion), according to Finance minister Mohammed Amin Adam.

This marks an increase from GH¢658 billion recorded in February 2024, with the debt now constituting 70.6% of the country's Gross Domestic Product (GDP).

According to the report, the debt comprises GH¢452 billion in external liabilities and GH¢290 billion in domestic debt. This rise in debt is attributed to the depreciation of the Ghanaian cedi and ongoing disbursements from international creditors.

The increase from GH¢611.2 billion at the end of 2023 to GH¢626 billion in January 2024, and subsequently to GH¢658.6 billion in February 2024, reflects a concerning trend.

Based on the central government's provisional figures, each of Ghana's 30 million citizens effectively owes around GH¢24,000 due to the national debt.

AM/EK