Ghana’s total public debt falls to GH¢726.7bn in December 2024; fiscal deficit-to-GDP estimated at 5.2%

Ghana’s total public debt fell by GH¢15.8 billion month-on-month to GH¢726.7 billion in December 2024, the Bank of Ghana has disclosed in its March 2025 Summary of Financial and Economic Data.

In November 2024, the country’s total public debt stood at GH¢742.5 billion.

However, in dollar terms, the total debt stock was estimated at US$49.4 billion in December 2024, higher than the US$48.3 billion in November 2024.

According to the report, Ghana’s total debt was equivalent to 61.8% of Gross Domestic Product (GDP).

The expansion in the size of the economy culminated in a reduction in the GDP of the debt.

The data showed that the external debt stood at US$28.3 billion in December 2024, higher than the US$ $28.0 billion in November 2024. The increase in the debt in December 2024 was as a result of the depreciation of the cedi during the period.

In September 2024 and October 2024, the external debt stood at US$32.1 billion and US$28.3 billion respectively.

However, domestic debt decreased to GH¢309.8 billion in December 2024, about 26.3% of GDP. The reduction was primarily due to a decline in yields.

In November 2024, the domestic debt stood at GH¢311.4 billion.

For the government’s fiscal operations, the fiscal deficit-to-GDP stood at 5.2% in December 2024.

The primary balance also stood at a deficit of 1.2% of GDP in December 2024.

Meanwhile, Ghana’s economy stood at GH¢1.176 trillion as of December 2024.