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Ghana’s total public debt rose by GH¢71.6 billion in the third quarter of 2025, reaching GH¢684.6 billion ($55.1 billion) as of September, according to the Bank of Ghana’s latest Summary of Economic and Financial Data released for November 2025.
Despite the Q3 increase, the report shows Ghana continues to make significant progress in reducing its overall debt burden compared to last year.
The latest figures place the country’s debt-to-GDP ratio at 48.9%, up from 43.8% recorded in June when the debt stood at GH¢613 billion. The rise is largely attributed to external debt movements during the quarter.
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From January to September 2025, the country cut its total public debt by GH¢67.5 billion, with year-on-year data reflecting an even larger reduction of GH¢125.4 billion compared to September 2024.
External debt increased sharply in Q3, climbing to GH¢367 billion, up from GH¢300.3 billion in June. Nonetheless, the broader trend remains encouraging, with external debt declining by GH¢432 billion year-to-date and GH¢508.6 billion year-on-year.
External debt now accounts for 26.2% of GDP, the report noted.
Domestic debt saw only marginal movement, rising slightly to GH¢317.6 billion in September from GH¢312.7 billion in June. Both year-to-date and year-on-year figures show minimal fluctuations in the domestic component.
The Bank of Ghana pegs Ghana’s nominal GDP at GH¢1.4 trillion, the reference base used for the revised debt-to-GDP ratios.
The data reflects a mixed outlook—short-term pressures driven by external factors, but a notable overall improvement in Ghana’s debt sustainability profile over the past year.
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