Ghana’s public debt-to-GDP ratio for 2024 has dropped significantly to 61.8%, marking a notable decline from the peak of 80.4% recorded in 2020.
According to the Tano North Member of Parliament, Dr Gideon Boako, this reduction is a direct result of the government’s debt management strategy, which has successfully restored the country’s debt sustainability.
“With this GDP figure out, our new public debt-to-GDP ratio for 2024 now stands at 61.8%,” he stated in a Facebook post on March 10.
“This is a massive drop in the public debt-to-GDP ratio from 80.4% in 2020. This is also below the pre-COVID-19 level when the debt-to-GDP ratio was 65.7%,” he added.
(2) Gideon Boako – NPP delivers: Ghana wins The Ghana Statistical… | Facebook
He said this development is expected to be officially announced by the Finance Minister, Dr Cassiel Oto Forson in the 2025 budget presentation to Parliament on March 11.
Citing the Ghana Statistical Service’s March 10 announcement, Dr Boako emphasised that the strategy implemented by the New Patriotic Party (NPP) government had yielded positive results.
The reduction in debt to GDP ratio has significant implications for Ghana’s financial outlook under the International Monetary Fund (IMF) programme. Dr Boako expressed optimism that Ghana could achieve the debt sustainability target of 55% ahead of the initial 2028 projection.
“This means that Ghana could reach the debt sustainability target of 55% under the IMF programme earlier than the planned 2028 target year, if only the new government continues to implement the debt management strategy,” he remarked.
Dr Boako alleged that the Minister for Finance is likely to create a misleading narrative about Ghana’s economic state during the budget presentation.
“We have also picked up intelligence about data manipulation in the fiscal outturn for 2024 as the Minister for Finance is trying hard to manufacture a narrative to support the NDC’s baseless claims of inheriting a bad economy,” he alleged, urging the government to ensure transparency in financial reporting.
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