On Thursday, August 29, at a press conference in Accra, Ghana’s preliminary nominal central government debt was disclosed by Finance Minister Dr. Mohammed Amin Adam to have reached GH¢761.1 billion, or about US$51.1 billion. Compared to the prior amount of GH¢587.7 billion, or US$53.5 billion, this is a small increase.
According to Mr. Amin Adam, the project’s first phase should be completed by November 2024. Speaking about labor matters, the Finance Minister stated that labor has persistently backed and collaborated with the administration.
“As of July 31, 2024, Ghana’s provisional nominal central government debt stood at GH¢761.1 billion, equivalent to US$51.1 billion. This represents a nominal increase from the previous amount of GH¢587.7 billion, equivalent to US$53.5 billion,” he said.
“The increase in cedi terms and decrease in US dollar terms is attributed to a combination of factors, including cedi depreciation, disbursements from multilateral institutions, and domestic financing of the budget,” the Karaga lawmaker added.
Dr Amin Adam further assured that the government is fully on track to achieve its debt targets under the International Monetary Fund (IMF) programme.
SOURCE: https://dew360.net
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