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The preliminary overall debt of the central government as of June of this year was GH¢742 billion (US$50.9 billion), according to Finance Minister Dr. Mohammed Amin Adam.
That sum equals 70.6% of GDP (gross domestic product).
On Tuesday, Dr. Adam delivered the 2024 mid-year budget review before Parliament in Accra. He said, “This indicates an increase of 22.0 percent due to the effect of the cedi depreciation and continuous disbursements from creditors.”
GH¢452.0 billion in external debt and GH¢290.0 billion in domestic debt make up the stock, which accounts for 60.9 percent and 39.1 percent of the entire debt stock, respectively, according to Dr. Adam’s breakdown of the debt. Debt, both domestic and foreign, accounted for 27.6% and 43.0% of GDP, respectively.
Ghana’s economy is exhibiting encouraging indications of growth and recovery, according to Finance Minister Dr. Mohammed Amin Adam.
On Tuesday, July 23, 2024, the Minister gave an address to the Parliament in which he outlined the government’s intentions for the rest of the year and highlighted significant accomplishments.
Despite expressing optimism in Ghana’s economic trajectory, Dr. Adam acknowledged the problems facing the world economy at the beginning of his speech. The rise in overseas reserves is one of the most noteworthy accomplishments listed in the study. According to the Minister, Ghana’s foreign reserves have increased dramatically and currently cover 3.1 months’ worth of imports. This indicates a significant improvement and offers a more robust defense against external shocks.
“Gross International Reserves reached 3.1 months of import as at end June 2024 against 2.5 months of imports in the same period last year.
“Mr. Speaker, it is evident that we are on the right trajectory. Things are looking better than we anticipated. The choices we have made and the policies we are implementing are yielding results. We have reversed the negative trends, all the indicators are looking better,” he said.
Source: Ghanatodayonline.com
