Finance Minister Dr. Mohammed Amin Adam has announced that Ghana’s public debt stood at ₵761.1 billion (equivalent to USD 51.1 billion) as of July 31, 2024.
Speaking at the Ministry’s monthly economic briefing, Dr. Adam explained that this represents an increase from the previous amount of ₵587.7 billion (USD 53.5 billion).
He attributed the increase in cedi terms and the decrease in US dollars to a combination of factors, including cedi depreciation, disbursements from multilateral institutions, and domestic financing of the budget.
Dr. Adam announced that the Ministry would launch an exchange offer in the coming days, marking a critical step in the external debt restructuring process.
He assured that the government is on track to achieve its debt targets under the International Monetary Fund (IMF) program.
Regarding the external debt restructuring program, Dr. Adam stated that the government is pleased to launch its exchange offer, which reflects the terms agreed upon with bondholders on June 24, including concessions from bondholders to ensure fair burden sharing among domestic, official, and commercial external creditors.
The exchange offer will be open for 21 days, and Dr. Adam urged the bondholder community, both abroad and in Ghana, to participate fully to achieve high participation levels.