Ghana’s public deb has been rising in 2025 amid drop in inflation
The latest Bank of Ghana Summary of Economic and Financial Data for November 2025 shows that Ghana's public debt rose by GH¢71.6 billion in the third quarter of 2025, pushing the total debt stock to GH¢684.6 billion ($55.1 billion) as of September 2025.
The current debt level equivalent to 48.9% of GDP is up from GH¢613 billion (43.8% of GDP) in June, but broader trends remain favourable.
According to the BoG's data, Ghana is still making significant strides in terms of recovery, reducing its overall debt burden compared to that of 2024.
Ghana cut its total debt by GH¢67.5 billion between January and September 2025, while year-on-year figures show an even deeper reduction of GH¢125.4 billion compared to September 2024.
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External debt was the major driver of the quarter three spike, climbing to GH¢367 billion from GH¢300.3 billion in June.
Yet, on longer timelines, external debt has posted dramatic declines – falling GH¢432 billion year-to-date and GH¢508.6 billion year-on-year. It now accounts for 26.2% of GDP.
Domestic debt remained relatively stable, inching up to GH¢317.6 billion from GH¢312.7 billion in June, with only modest movements year-to-date and year-on-year.
The Bank of Ghana estimates Ghana’s nominal GDP at GH¢1.4 trillion, the base for the revised debt-to-GDP ratios.
SP/AE
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