Ghana’s total domestic debt stands at GH¢304 billion as of December 2024
The Bank of Ghana has provided a detailed breakdown of Ghana’s domestic debt from 2020 to 2024.
According to the Central Bank’s 2024 Annual Report and Financial Statement, the country’s total domestic debt stood at GH¢304 billion at the end of 2024, up from GH¢159 billion in 2020.
The report states that Ghana’s domestic debt is held in short-term, medium-term, and long-term instruments, as well as standard loans.
The largest portion of the debt is held in medium-term instruments. These include the 3-year USD Domestic Bond (Old), 3-year Fixed Rate Bonds (Old and New), 5-year Government of Ghana (GoG) Bonds (Old and New), as well as the 6-, 7-, 8-, 9-, and 10-year GoG Bonds.
As of the end of 2024, the Bank of Ghana held a total of GH¢111.165 billion in short-term instruments. These include the 91-day, 182-day, and 364-day Treasury Bills, and the 1-year Treasury Note.
Short-term instruments have risen significantly over the years, from GH¢16.861 billion in 2020 to GH¢22.617 billion in 2021, GH¢24.192 billion in 2022, GH¢67.069 billion in 2023, and GH¢111.165 billion in 2024.
This sharp increase was driven by the country’s economic crisis, which forced the government to rely heavily on short-term instruments after being shut out of the international capital market due to high debt levels.
Standard loans remain the smallest component of Ghana’s domestic debt, amounting to GH¢1.068 billion as of the end of 2024.
See the composition of the country’s domestic debt from 2020-2024 below
SSD/MA
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