Ghana ended 2025 with a total public debt stock of GH¢641 billion, reflecting a slight decline, according to the latest Summary of Economic and Financial Data released by the Bank of Ghana in March 2026.
The report also showed an improvement in the country’s debt sustainability indicators, with the debt-to-GDP ratio falling to 45.3%, down from 61.8% recorded in 2024, when total debt stood at GH¢726.7 billion.
Data from the central bank indicates that the debt stock declined steadily between November and December 2025. Analysts attribute the reduction largely to the strong appreciation of the Ghana cedi, particularly in the final quarter of the year.
In terms of composition, external debt was estimated at $29.4 billion, while domestic debt rose slightly to GH¢333.8 billion, showing an increase compared to December 2024.
Despite the rise in domestic borrowing, market observers say the overall decline in debt could strengthen Ghana’s position in upcoming credit rating assessments by international agencies.
Meanwhile, figures from the Ghana Statistical Service show that the size of the economy has expanded significantly, with GDP now estimated at GH¢1.4 trillion, up from GH¢1.1 trillion in 2024.
