Finance Minister Dr Mohammed Amin Adam has reported that Ghana’s public debt reached GH₵761.1 billion (USD 51.1 billion) in July 2024.
This marks a GH₵19 billion increase from GH₵742.0 billion at the end of June 2024, reflecting a 3% rise over the past month.
Speaking to the media at the ministry’s monthly briefing on the economy on August 29, Dr Adam explained, “The increase in cedi terms and the decrease in US dollars is attributed to a combination of factors, including cedi depreciation, disbursements from multilateral institutions, and domestic financing of the budget.
During the 2024 mid-year budget review in parliament on July 23, he 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.”
Dr. Adam announced that the ministry would soon launch an exchange offer, a crucial step in restructuring external debt. He said that the government was on track to meet its debt reduction targets under the International Monetary Fund (IMF) program.
Providing an update on the external debt restructuring program, Dr. Adam announced that the government would officially launch its exchange offer in the coming days. He described this move as a crucial step in the debt restructuring process.
He explained that the exchange offer incorporates the terms agreed with bondholders on June 24, including significant concessions from them, to ensure fair burden-sharing among domestic, official, and commercial external creditors.
The exchange offer will be open for 21 days, and Dr. Adam called on both domestic and international bondholders to support the initiative and achieve high participation levels.