Ghana’s overall public debt decreased by GH¢15.8 billion month-over-month, reaching GH¢726.7 billion in December 2024, as reported in the Bank of Ghana’s March 2025 Summary of Financial and Economic Data.
In November 2024, the public debt was recorded at GH¢742.5 billion. However, in terms of US dollars, the debt increased to US$49.4 billion in December 2024, up from US$48.3 billion the previous month.
The report highlighted that Ghana’s total debt represented 61.8% of its Gross Domestic Product (GDP), with economic growth playing a role in lowering the debt-to-GDP ratio.
According to the data, external debt amounted to US$28.3 billion in December 2024, a slight increase from US$28.0 billion in November 2024, primarily due to the depreciation of the cedi during that time.
Conversely, domestic debt fell to GH¢309.8 billion in December 2024, accounting for 26.3% of GDP. This decline was mainly driven by a reduction in yields, as domestic debt was GH¢311.4 billion in November 2024.
In terms of fiscal performance, the fiscal deficit-to-GDP ratio was recorded at 5.2% in December 2024, while the primary balance showed a deficit of 1.2% of GDP.
Additionally, Ghana’s economy was valued at GH¢1.176 trillion as of December 2024.
