Former Finance Minister and sitting MP for Karaga, Dr. Mohammed Amin Adam has made very damming revelations about Ghana’s current debt stock. According to the legislator, the country has added a whooping $10 Billion to its debt stock in the last eight months.
Reacting to the Government’s own reported numbers, Dr Adam has proffered an interesting perspective from which pundits should analyse the country’s current debt situation.
Whilst trumping the appreciation of the cedi to the dollar as a major achievement, the Finance Minister’s mid-year Budget Review (Paragraphs 188 and 189 of the Mid-year Review Statement) reported a reduction of the country’s debt stock by GHC 113.7 billion, thus from GHS726.7 billion as at end-December 2024 to GHS613 billion as at end-June, 2025. This, the Government attributed to the performance of the Cedi.
Dr Adam has analysed that going by the same logic, if one divides the end-June debt stock of GHS613 billion by the exchange rate as at 30th June, one will arrive in dollar terms, a public debt stock of US$59.43 billion. “This is an increase in the debt stock by US$10 billion”, says Dr Adam.
It is to be noted that The 2025 Budget, had reported the stock of Debt in dollar terms at US$49.4 billion by end-December 2024 (See Paragraph 143 of the Budget Statement).
