Ghana’s public debt rose by GH¢71.6 billion in the third quarter of 2025, resulting in a total debt stock of GH¢684.6 billion ($55.1 billion) as of September 30, 2025.
According to the Bank of Ghana’s most recent Summary of Economic and Financial Data for the period ending November 2025, Ghana continues to make significant progress in reducing its overall debt burden compared to the previous year, despite the quarterly increase.
The current debt level, equivalent to 48.9% of GDP, has increased from GH¢613 billion (43.8% of GDP) in June; however, broader trends continue to be positive.
From January to September 2025, Ghana successfully reduced its total debt by GH¢67.5 billion, while year-on-year statistics reveal an even more substantial decrease of GH¢125.4 billion compared to September 2024.
The increase in external debt was the primary factor behind the spike in the third quarter, rising to GH¢367 billion from GH¢300.3 billion in June.
Nevertheless, over longer periods, external debt has experienced significant reductions, decreasing by GH¢432 billion year-to-date and GH¢508.6 billion year-on-year. It now represents 26.2% of GDP.
Domestic debt has remained relatively stable, increasing slightly to GH¢317.6 billion from GH¢312.7 billion in June, with only minor fluctuations year-to-date and year-on-year.
The Bank of Ghana estimates Ghana’s nominal GDP at GH¢1.4 trillion, which serves as the basis for the revised debt-to-GDP ratios.
