Ghana’s Cedi Depreciation Brings National Debt to GH₵761bn – Finance Minister | Economy

Ghana’s Finance Minister, Dr. Mohammed Amin Adam, has revealed that Ghana’s provisional nominal central government debt stood at a total of GHC 761.1 billion.

Explaining to the media during the monthly media Economic update at the Ministry of Finance in Accra on Thursday, August 29, 2024, the minister noted that, the current figure saw an increment from GHC 587.7 billion, with its USD equivalent being US$ 53. 5 billion.

Finance Minister Dr. Mohammed Amin Adam, has given an update on the state of the Ghanaian economy putting the country’s public debt as of July 31, 2024, at Gh₵761.1 billion, equivalent to USD 51.1 billion.

Dr. Amin Adam said, “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.”

He further announced, by way of marking critical steps in the external debt restructuring programme, the government, through the ministry of Finance will launch an exchange offer in few days to come.

According to Dr. Amin Adam, the government of Ghana is committed to achieving its debt targets under the International Monetary Fund (IMF) programme.

Giving further updates on the external debt restructuring programme, the Finance Minister revealed that the government is pleased to officially launch its exchange offer in the coming days, “marking a critical step in our external debt restructuring journey.”

He added that, “this reflects the terms agreed in principle with bondholders on 24th June including important concessions from our bondholders, ensuring a fair burden sharing between our domestic, official, and commercial external creditors.”

“The exchange will be open for 21 days, and we count on the full support of our bondholder community, both abroad and in Ghana, to reach high participation levels.”