Ghana’s debt rises to GH¢684.6bn despite strong yearly decline

Ghana’s public debt increased by GH¢71.6 billion in the third quarter of 2025, bringing the total debt to GH¢684.6 billion ($55.1 billion) as of September.

According to the Bank of Ghana’s latest Summary of Economic and Financial Data (November 2025), this quarterly rise does not change the overall positive trend.

The country is still making significant progress in lowering its total debt burden compared to last year.

The current debt level, now 48.9% of GDP, is higher than June’s figure of GH¢613 billion (43.8% of GDP).

However, broader data show improvement. From January to September 2025, Ghana reduced its total debt by GH¢67.5 billion.

Compared to September 2024, total debt has fallen by GH¢125.4 billion.

The sharp rise in the third quarter was mainly driven by external debt, which jumped from GH¢300.3 billion in June to GH¢367 billion in September.

Yet over longer periods, external debt has dropped significantly to GH¢432 billion year-to-date and GH¢508.6 billion year-on-year. External debt now represents 26.2% of GDP.

Domestic debt remained mostly stable, rising slightly from GH¢312.7 billion in June to GH¢317.6 billion in September, with only small changes over the year.

The Bank of Ghana estimates Ghana’s nominal GDP at GH¢1.4 trillion, which forms the basis for the updated debt-to-GDP ratios.