Ghana’s economic troubles are escalating, with the public debt reaching GHS761.2 billion by the end of July 2024.
This amount makes up 75.7 percent of the country’s Gross Domestic Product (GDP), compared to the same period in 2023 when the debt was GHS587.7 billion, representing 70.3 percent of GDP.
When looking at the latest debt figures in relation to Ghana’s current population, it means that each Ghanaian is estimated to owe about GHS22,076 as of the end of July 2024.
According to the Bank of Ghana’s latest Summary of Economic and Financial Data for September 2024, the external debt component of the total debt reached US$31.6 billion, up from US$30 billion the previous year, accounting for 46.1 percent of GDP.
Additionally, the domestic debt component stood at GHS290.9 billion, making up 28.5 percent of GDP.
Source: Ghana Web