Ghana’s debt hits GHS 742 billion

Ghana has increased its public debt by 22 percent to 742 bn according to the Finance Minister, Dr. Mohammed Amin Adam.

At the mid-year budget review reading today in Parliament, the Minister indicated that the increase had been occasioned by the depreciation of the cedi against major foreign currencies and continuous disbursements from creditors.

The minister indicated that the amount represented 70.6 percent of the country’s GDP and explained that out of the amount, 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.