Ghana’s total public debt fell by about GHS 40 billion between September and November 2025, easing to GHS 644.6 billion and bringing the country’s debt-to-GDP ratio down to 45.5%, according to the latest data from the Bank of Ghana.
The decline reflects reductions in both domestic and external liabilities, following months of volatility in the debt stock. Earlier in 2025, public debt had dropped sharply before climbing again in the middle of the year.
In dollar terms, Ghana’s public debt stood at $57.2 billion in November 2025. This was lower than the $57.8 billion recorded in October but higher than the $55.1 billion reported in September, largely due to valuation effects linked to movements in the exchange rate.
Bank of Ghana figures show that public debt had fallen to GHS 630.2 billion in October before edging up slightly to GHS 644.6 billion in November. Earlier in the year, between March and May 2025, Ghana recorded a major debt reduction of GHS 156.4 billion, bringing the total to GHS 612.0 billion. That downward momentum, however, reversed in the months that followed, until another sharp decline was recorded in October.
External debt declined marginally to $29.3 billion in November 2025, down from $29.5 billion in October. This represented about 23.3% of GDP, indicating a modest easing of foreign liabilities.
On the domestic side, domestic debt fell to GHS 314.5 billion in November from GHS 317.6 billion in September, accounting for roughly 22.2% of GDP.
Meanwhile, fiscal performance showed continued improvement. As at November 2025, the government recorded a fiscal deficit of 1.4% of GDP, while the primary balance remained in surplus at 2.8% of GDP, underscoring ongoing fiscal consolidation efforts.
Overall, the latest data suggest that Ghana’s debt position is gradually stabilising, supported by tighter fiscal management and a slowdown in debt accumulation.
