As of July 2024, the debt stock reached GH₵ 761.2bn, with each Ghanaian owing GH₵22,076.

By July 2024, the amount of debt held by Ghana would have increased to GH₵ 761.2 billion, or 75.7% of GDP.
At GH₵587.7 billion, or 70.3% of GDP, the debt stock was higher than it was at the same time last year.

This was included in the Bank of Ghana’s most recent Summary of Economic and Financial Data, which was published in September 2024.

According to the report, the debt’s foreign component increased to US$31.6 billion from US$30 billion during the same time last year, or 46.1% of GDP.

The amount of debt that came from domestic sources was GH₵290.9 billion, or 28.5 percent of GDP.

Ghana under IMF support

Ghana is currently under an International Monetary Fund (IMF) programme seeking a US$3 billion bailout to help in economic recovery.

The country received a third tranche of funding of US$360 million on Monday, July 1, 2024, following a successful review of Ghana’s performance by the Fund.

Ghana has generally performed well under the program, according to the IMF.

Third review is under progress.

To prepare for the distribution of the upcoming financial tranche, the IMF has started a third evaluation of the nation’s performance under the program.

Dr. Ernest Addison, the governor of the Bank of Ghana (BoG), had earlier counselled state authorities to start examining the review’s parameters.

He cautioned that any attempt to slow down in meeting benchmarks could derail the efforts and affect the third review which is crucial since it is closer to the end of the year.

Dr Addison made the call during a joint press conference with the Ministry of Finance and the IMF on July 2, 2024.