Public Debt Stock Pegged at GHS 628bn at End-July 2025; Circa 50% of GDP
Total public debt stock at the close of the month of July stood at GHS 628 billion.
In dollar terms, this amounts to some $59.9bn.
This is per data contained in the Bank of Ghana’s September 2025 Summary of Economic and Financial Data report.
Per the report, Ghana’s public debt as a percentage of gross domestic product (GDP) as at July stood at 44.9%.
The current debt stock is a reduction from the January 2025 debt stock level of GHS 752 billion which represented 53.7% of GDP, driven by the appreciation of the cedi.
The external component of the debt stock stood at GHS 305bn, representing 21.8% of GDP. This is an improvement from the GHS 432bn recorded in January 2025.
The domestic component also stood at GHS 323bn representing 23.1% of GDP. This is however, a slight increase from the GHS 320bn recorded in January 2025 largely driven by uptake of Government short-term debt instruments (T-Bills).
Per the report, Ghana’s GDP is valued at GHS 1.4 trillion.
Meanwhile, the IMF has disclosed that Ghana’s public debt is projected to fall sharply from 82% of GDP in 2022 to around 60% by end-2025.
“That is a fairly steep reduction in public debt and marks a significant step toward durably restoring fiscal sustainability. To make this stick, Ghana will need to continue on the path of reform. Reforms such as boosting domestic revenue, strengthening public financial management to ensure expenditure efficiency, and maintaining fiscal discipline are essential to lock in the recent gains,” Communications Director of the International Monetary Fund (IMF), Julie Kozack stressed.
Finance Minister, Dr Cassiel Ato Forson, during the 2025 Mid-Year Budget Review, noted that Ghana’s public debt stock has fallen sharply from GHS 726.7 billion at end-December 2024 to GHS 613 billion in June 2025 — a reduction of GHS 113.7 billion within six months.
