Finance Minister, Dr Mohammed Amin Adam, has revealed that as of the end of June 2024, government debt reached GH¢742.0 billion (US$50.9 billion).

According to him, this is equivalent to 70.6 per cent of the country's Gross Domestic Product (GDP).

Speaking during the 2024 mid-year budget review in parliament on July 23, he said, “This indicates an increase of 22.0 percent due to the effect of the cedi depreciation and the continuous disbursements from creditors.“

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The finance minister explained that out of the total debt, GH¢452.0 billion was external debt, making up 60.9 percent, while GH¢290.0 billion was domestic debt, accounting for 39.1 percent.

“As a percentage of GDP, external and domestic debt represented 43.0 percent and 27.6 percent, respectively,” he said.