Public Debt-to-GDP Declines to 45.5% on Lower Domestic and External Liabilities; Now Valued at GHS 644.6bn
Ghana’s total public debt declined by about GHS 40 billion between September and November 2025 to GHS 644.6 billion, representing approximately 45.5% of Gross Domestic Product (GDP).
Data from the Bank of Ghana showed that the reduction followed a period of volatility in the country’s debt stock, which had previously fallen sharply earlier in the year before trending upward again.
In dollar terms, total public debt stood at $57.2 billion in November 2025, lower than the $57.8 billion recorded in October 2025, but higher than the $55.1 billion reported in September 2025, reflecting valuation effects linked to exchange rate movements.
The central bank data indicated that Ghana’s public debt stood at GHS 630.2 billion in October 2025, before rising marginally to GHS 644.6 billion in November.
Earlier in the year, between March and May 2025, the public debt stock declined significantly by GHS 156.4 billion to GHS 612.0 billion. However, the downward trend reversed in subsequent months until October 2025, when the debt stock fell sharply again.
External debt amounted to $29.3 billion in November 2025, accounting for about 23.3% of GDP, compared with $29.5 billion in October 2025.
Domestic debt also declined to GHS 314.5 billion in November 2025, from GHS 317.6 billion in September 2025, representing approximately 22.2% of GDP.
On the fiscal front, the government recorded a fiscal deficit equivalent to 1.4% of GDP as at November 2025. However, the primary balance remained in surplus, estimated at 2.8% of GDP, reflecting continued fiscal consolidation efforts.
