Public Debt Drops by GHS 156.4 Billion in Q2 2025 on Cedi Strength, Now at GHS 613 Billion
Ghana’s total public debt stock declined significantly by GHS 156.4 billion between March and June 2025, reaching GHS 613 billion in June 2025, latest data from the Bank of Ghana has revealed.
The new debt figure represents approximately 43.8% of the country’s Gross Domestic Product (GDP), a sharp improvement from the GHS 769.4 billion recorded in March 2025.
In US dollar terms, however, the total public debt rose to $59.4 billion, up from $49.5 billion in March, reflecting valuation adjustments despite the cedi’s strong performance.
According to the BoG’s July 2025 Summary of Economic and Financial Data, Ghana’s debt profile saw a progressive reduction over the second quarter, falling to GHS 730.3 billion in April and GHS 612.1 billion in May, before settling at GHS 613 billion in June.
The appreciation of the cedi against the US dollar, which gained over 40% in value year-to-date, is cited as a key factor in the reduction of the cedi-equivalent of the debt stock.
External debt inched up marginally to $29.1 billion in June 2025 from $28.5 billion in March 2025, accounting for 29.1% of GDP.
Meanwhile, domestic debt stood at GHS 312.7 billion in June, slightly down from GHS 315.6 billion in May, representing about 22.3% of GDP. Domestic debt was recorded at GHS 326.9 billion in March and GHS 322.3 billion in April 2025.
On the fiscal side, government’s budget deficit narrowed to 1.1% of GDP as of June 2025, while the primary balance recorded a surplus of 0.7% of GDP, pointing to some level of fiscal consolidation.
The decline in the overall debt stock, coupled with improvements in the fiscal balance, is expected to ease pressure on Ghana’s debt sustainability outlook and support macroeconomic stability efforts.
