Ghana’s public debt has dropped significantly, falling from GH¢726.7 billion (61.8% of GDP) in December 2024 to GH¢630.2 billion (45.0% of GDP) by November 2025, the Bank of Ghana has reported in its latest Monetary Policy Report.
The decline was largely driven by a GH¢86.7 billion reduction in external debt, equivalent to 6.0% of GDP, as the cedi’s appreciation lowered the local currency value of external obligations by GH¢100.8 billion (8% of GDP).
Domestic debt, however, rose slightly from GH¢309.8 billion to GH¢314.5 billion, reflecting controlled borrowing in line with the 2025 budget.
The combined effect of exchange rate gains and slower borrowing led to a contraction in the overall public debt ratio, which fell from 61.8% of GDP at the end of 2024 to 45.5% by November 2025. The rate of debt accumulation shifted sharply from 19.1% in 2024 to negative 11.3% by November 2025.
By the end of October 2025, external debt stood at GH¢319.2 billion (22.8% of GDP), while domestic debt totalled GH¢311.0 billion (22.2% of GDP).
The Bank of Ghana attributed the decline to disciplined fiscal management, reduced borrowing costs, and effective debt strategies, which have contributed to a substantial primary surplus and strengthened the country’s public finances.
