Ghana’s total public debt fell by GH¢46.8 billion month-on-month to GH¢761.0 billion in October 2024, the Bank of Ghana’ has disclosed in its Summary of Financial and Economic Data.

In dollar terms, it went down by $4.2 billion to $27.9 billion at the end of October 2024.

According to the report, the total debt is equivalent to 74.6% of Gross Domestic Product.

The data showed that the external component of the debt went down between September 2024 and October 2024.

It dropped by GH¢52.6 billion to GH¢453.7 billion, approximately $27.9 billion. This represented 44.5% of GDP.

The external debt has hovered around the $30 billion bracket since January 2024.  

The domestic debt, however, shot up to GH¢307.3 billion, about 30.1% 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.

The report also revealed that the government’s fiscal operations were on target as the deficit-to-GDP stood at 3.9% as of July 2024.

The primary balance was also a deficit of 1.8% of GDP in March 2024.

Meanwhile, Ghana’s economy stood at GH¢1.020 trillion cedis at the end of October 2024.