It has been detailed that every Ghanaian owes about GH¢22,735 as Ghana’s debt hit GH¢761.7bn according to data from Bank of Ghana data.
Ghana population is estimated to be 33.48 million, this equates the debt of every Ghanaian to be GH¢22,735.96 when estimated.
This is due to the sharp increase in dept from GH¢633.3 billion recorded earlier this year and GH¢587 billion in 2023.
The surge in public debt has stressed on the critical need for important reforms to restore macroeconomic strength to minimize the risk of each Ghanian further owing more money.
Ghana has failed to pay its $30 billion external debt after the country defaulted. The country is now under an IMF programme which seeks to reduce Ghana’s public debt-to-GDP ratio from 88.1% in 2022 to 55% by 2028.
