The Bank of Ghana (BoG) has disclosed that the country’s total public debt fell by GH¢24.1 billion month-on-month to GH¢761.0 billion in November 2024.
The central bank disclosed this in its January 2025 Summary of Financial and Economic Data.
This decline, according to the BoG, was a result of external debt restructuring which has trimmed Ghana’s external debt component.
In dollar terms, the country’s total debt was estimated at US$47.9 billion as of November 2024. This is compared with US$51.6 billion during the same period in 2023.
According to the report, the total debt is equivalent to 72.2% of Gross Domestic Product.
The data showed that the external debt stood at US$27.6 billion in November 2024, lower than the US$ 30 billion recorded during the same period in 2023.
In September 2024 and October 2024, the external debt stood at US$32.0 billion and US32.0 billion respectively.
The domestic debt, however, shot up to GH¢311.7 billion, about 30.5% of GDP.
In February 2024, the domestic debt stood at GH¢275.8 billion but persistent borrowing on the treasury market has pushed it up.
For government fiscal operations, the Central Bank could not provide data from August 2024 to December 2024.
However, the government’s budget deficit to GDP stood at 3.9% as of July 2024.
The primary balance stood at a deficit of 1.8% of GDP in July 2024.
Meanwhile, Ghana’s economy stood at GH¢1.020 trillion cedis as of November 2024.
