Ghana’s rising debt stock alarms economists as they urge a halt on borrowing

Ghana's debt has surged to ₵742 billion from ₵608 billion in 2023, raising concerns about financial sustainability.

Economists warn that without strategic interventions and prudent fiscal policies, Ghana's economic progress, particularly under the IMF programme, is at risk.

Finance Minister Mohammed Amin Adam reported that as of December 2023, the provisional central government and guaranteed debt was ₵608.4 billion.

Former Finance Minister Seth Terkper suggested consolidating various taxes to ease the burden on citizens. William Kwasi Peprah of Andrews University emphasized the need to stop borrowing and stabilize the cedi, noting that high debt leads to rapid currency depreciation.