The latest data from the Bank of Ghana (BoG) has revealed that Ghana’s public debt climbed to a staggering GH₵610 billion as of December 2023.

This amount indicates a startling 26.85% increase in debt from the GH₵446.3 billion reported in December 2022, highlighting a major increase in the nation’s debt load.

Interestingly, the newly discovered debt milestone represents 72.5% of Ghana’s GDP, underscoring the significant financial difficulties the country is currently facing.

According to the Bank of Ghana’s Summary of Economic and Financial Data for March 2024, the country’s public debt level has increased by GH₵163.7 billion year to date, despite the effective completion of the domestic debt exchange program.

Ghana’s overall debt stock, expressed in US dollars, was $52.4 billion, primarily due to the depreciation of the local currency. While domestic debt totaled GH₵259.7 billion, or 30.9% of GDP, external debt totaled GH₵350.3 billion (US$30.1 billion).