Ghana's Debt Crisis: Minister Reports on Restructuring Progress

As of June 2024, Ghana's total debt stock reached GH¢742 billion (US$50.9 billion), which is 70.6% of its GDP, according to Finance Minister Dr. Mohammed Amin Adam. This debt comprises GH¢452 billion in external debt and GH¢290 billion in domestic debt, reflecting a 22% increase due to cedi depreciation and ongoing creditor disbursements. The government is on track to achieve a primary surplus of 0.5% of GDP by year-end, supported by a successful debt restructuring that has provided significant relief and liquidity. Ghana's GDP growth forecast for 2024 has been revised to 3.1%, aligning with IMF projections, following extensive debt overhaul efforts. The country's budget deficit stands at 3.4% of GDP for the first half of the year, demonstrating ongoing fiscal challenges. These financial strategies are part of an effort to stabilize the economy ahead of the upcoming presidential elections.