Ghana’s Public Debt Rises to GHS 684.6bn Reaching 48.9% of GDP at End-September — BoG
Ghana’s total public debt stood at GHS 684.6 billion at end-September 2025, equivalent to 48.9% of Gross Domestic Product (GDP), according to the Bank of Ghana’s November 2025 Summary of Economic and Financial Data. This represents an increase of GH¢71.6 billion from the GH¢613 billion (43.8% of GDP) recorded in June 2025.
Despite the quarter-on-quarter rise, the data shows notable improvements on both a year-to-date and year-on-year basis. The total debt stock declined by GHS 67.5 billion between January and September 2025, and by GHS 125.4 billion compared to the same period in 2024.
A significant portion of the debt was driven by external obligations, which climbed to GHS 367 billion at end-September from GHS 300.3 billion in June 2025. However, external debt recorded substantial declines on broader timelines—falling from GHS 432 billion on a year-to-date basis and from GH¢508.6 billion on a year-on-year basis. External debt as a share of GDP stood at 26.2%.
Domestic debt rose marginally to GHS 317.6 billion, up from GHS 312.7 billion in June 2025. On a year-to-date basis, domestic debt fell slightly from GH¢320.1 billion, while year-on-year figures show an increase from GHS 301.5 billion.
The Bank of Ghana estimates Ghana’s nominal GDP at GHS 1.4 trillion, anchoring the revised debt-to-GDP ratios.
