External Debt Restructuring Reduces Ghana’s Debt Burden to GHS 736.9 Billion, 72.2% of GDP
Ghana’s public debt has declined to GHS 736.9 billion ($47.9 billion), equivalent to 72.2% of GDP as of November 2024, according to the latest Bank of Ghana (BoG) report.
This compares favourably to the GHS 761.2 billion ($51.1 billion) public debt, representing 75.7% of GDP in October 2024, indicating a debt reduction of some $3.2bn.
The reduction in public debt reflects the positive effects of Ghana’s external debt restructuring and relative stability in the cedi exchange rate.
However, the current debt stock is still a significant increase from the GHS 633.3 billion recorded at the beginning of 2024 and from the GHS 599 billion recorded during the same period in 2023.
External debt accounts for GHS 425.3 billion ($27.6 billion), representing 41.7% of GDP—up from 36% at the start of the year and marginally higher than the 41.4% recorded in November 2023.
Meanwhile, domestic debt stands at GHS 311.7 billion, or 30.5% of GDP, an increase from 26% at the beginning of 2024 and slightly below the 30.6% recorded during the same period in 2023.
Despite the progress, the debt levels underscore the need for structural reforms to strengthen macroeconomic stability and mitigate risks of debt distress.
Ghana continues to face external vulnerabilities that threaten sustainable economic recovery, requiring focused policy interventions.
