Ghana’s total public debt dropped by GH¢24.1 billion in November 2024, settling at GH¢761.0 billion, according to the Bank of Ghana’s January 2025 Summary of Financial and Economic Data.
This decline is attributed primarily to external debt restructuring, which reduced the external debt component.
In dollar terms, Ghana’s total debt was estimated at $47.9 billion in November 2024, down from $51.6 billion in November 2023.
The total debt is equivalent to 72.2% of the country’s Gross Domestic Product (GDP).
The report highlighted a reduction in external debt to $27.6 billion in November 2024, compared to $30 billion in 2023.
This is also a decline from September and October 2024, which both recorded external debts of $32 billion.
Conversely, domestic debt increased to GH¢311.7 billion, representing 30.5% of GDP.
This rise was driven by persistent borrowing on the treasury market, up from GH¢275.8 billion in February 2024.
Fiscal operations data for August to December 2024 were unavailable, but as of July 2024, the government’s budget deficit stood at 3.9% of GDP, with the primary balance showing a deficit of 1.8%.
Meanwhile, Ghana’s economy was valued at GH¢1.02 trillion as of November 2024, reflecting steady growth despite fiscal challenges.