Ghana’s public debt has reached a staggering GH¢761.2 billion ($51.1 billion), representing 75.7% of the country’s GDP, according to the latest data from the Bank of Ghana (BoG).
This marks a significant increase from GH¢633.3 billion earlier in 2024 and GH¢587 billion at the end of 2023.
The surge in debt reflects mounting fiscal pressures as Ghana faces economic challenges, including high inflation, currency depreciation, and a complex external debt restructuring process.
External debt alone now accounts for 47.1% of GDP, rising to GH¢470.3 billion ($31.6 billion), compared to 36% at the start of the year. While this remains below the 39.2% recorded in 2023, the growing reliance on external financing underscores Ghana’s vulnerabilities in global markets.
With Ghana’s nominal GDP now at GH¢1.02 trillion, concerns are intensifying over the country’s ability to manage its debt load without worsening its economic strain. These figures are expected to raise more questions about the government’s fiscal strategy as global financial institutions and investors closely watch Ghana’s negotiations for debt relief with external creditors.
Experts have called for urgent structural reforms to restore macroeconomic stability, warning that failure to address these issues could push Ghana into deeper debt distress, particularly amid external economic shocks.