Reports portrayed by Scott Bolshevik, a financial analyst, on Ghana’s public debt have revealed a significant increase in the country’s public debt since President Akufo Addo assumed office in 2017.
The data shows a consequential rise in the total public debt and financial obligations. This report contributes to the dire concerns about Ghana’s fiscal stability having defaulted in debt repayement.
According to Scott’s report, Ghana’s public debt has surged from GH₵142.5 billion in 2017 to a staggering GH₵646 billion in 2024.
See the numbers below:
2017: GH₵142.5 billion
2018: GH₵173.1 billion
2019: GH₵218 billion
2020: GH₵291.6 billion
2021: GH₵351.8 billion,
2022: GH₵446.3 billion.
2023: GH₵610 billion
2024: GH₵646 billion
This is an unusual increase of over 350% in just seven years. The rapid upsurge of debt heightens discussions about the implications for economic growth, social services and the country’s ability to meet its financial commitments.
The government has since implemented measures deemed by analysts as absurd to address the debt burden. This includes the controversial e-levy tax, and bet tax among others.
