Did you know that you owe about 24,000 Ghana cedis by virtue of being a Ghanaian citizen? This is because Ghana’s total debt stock has shot up.

Ghana’s debt as announced by the Finance Minister, Mohammed Amin Adam has shot up from the GH¢658 billion recorded in February 2024 to GH¢742 billion (US$50.9 billion).

This figure represents 70.6 percent of the Gross Domestic Product (GDP).

The debt stock consists of GH¢452 billion in external debt and GH¢290 billion in domestic debt.

According to the government, this rise is attributed to the depreciation of the cedi and continuous disbursements from creditors.

With the central government’s provisional total debt standing at GH¢742 billion, each of Ghana’s 30 million citizens owes approximately GH¢24,000.

Ghana’s debt was GH¢611.2 billion at the end of 2023. It increased to GH¢626 billion in January 2024 and further to GH¢658.6 billion in February 2024.