By:Hamza Lansah Lolly/Baba Mohammed Issahaq :
Former Finance Minister and Member of Parliament for Karaga, Dr. Mohammed Amin Adam has raised concerns over what he describes as conflicting figures in the government’s reporting of Ghana’s public debt.
According to the Mid-Year Budget Review, the country’s debt stock reduced from GH¢726.7 billion in December 2024 to GH¢613 billion in June 2025, largely due to the appreciation of the cedi against the US dollar.
But Dr. Adam on his Facebook page points to a different picture when the numbers are considered in dollar terms. The 2025 Budget placed the debt stock at US$49.4 billion as of December 2024. However, using the Bank of Ghana’s June 2025 exchange rate of GH¢10.3153 to the dollar, the GH¢613 billion debt translates to about US$59.4 billion.
This, he says, represents an increase of nearly US$10 billion within six months, contrary to the impression of a decline.
Read below what the Dr. Mohammed Amin Adam wrote on his Facebook page :
Two sides of the debt numbers in Ghana as reported by the Government!
One side
1. In the mid-year Budget Review (Paragraphs 188 and 189 of the Mid-year Review Statement) the government reported that due to the appreciation of the Cedi against the Dollar, Ghana’s debt stock reduced from GHS726.7 billion at end-December 2024 to GHS613 billion as at end-June, 2025.
2. This is a reduction by GHS113.7 billion.
The other side?
1. In the 2025 Budget, the stock of Debt in dollar terms was US$49.4 billion by end-December 2024 (See Paragraph 143 of the Budget Statement).
2. In the Mid-Year Review, the Debt Stock reported was GHS613 Billion as at June 2025 (See Paragraph 188 of the Mid-Year Review Statement).
3. The prevailing exchange rate as at 30th June 2025 as reported by Bank of Ghana was USD/GHS10.3153.
4. If you divide the end June Stock of GHS613 billion by the exchange rate as at 30th June, you will get in dollar terms, public debt stock of US$59.43 billion.
5. This is an increase in the debt stock by US$10 billion.
