Ghana’s Public Debt Rises to GH¢684.6bn in Q3 2025 Despite Strong Year-to-Date Declines

Ghana’s public debt rose by GH¢71.6 billion in the third quarter of 2025, bringing the total debt stock to GH¢684.6 billion (US$55.1 billion) as of September, according to the Bank of Ghana’s latest Summary of Economic and Financial Data.

Despite the quarterly jump, the central bank’s data indicates that Ghana continues to make significant progress in reducing its overall debt burden on both year-to-date and year-on-year bases.

The current debt level—equivalent to 48.9% of GDP—is up from GH¢613 billion (43.8% of GDP) in June. However, broader trends remain positive:

• January–September 2025: Total public debt fell by GH¢67.5 billion
• Year-on-year (Sept 2024–Sept 2025): Debt declined by GH¢125.4 billion

External Debt Drove the Q3 Increase

The Q3 rise was largely driven by external borrowings, as Ghana’s external debt increased to GH¢367 billion in September from GH¢300.3 billion in June.

However, on a longer timeline, external debt has seen steep reductions:

• GH¢432 billion decline year-to-date
• GH¢508.6 billion drop year-on-year

External debt now represents 26.2% of GDP, highlighting the effects of ongoing restructuring efforts and limited new external borrowing.

Domestic Debt Remains Stable

Domestic debt stayed relatively stable, rising slightly from GH¢312.7 billion in June to GH¢317.6 billion in September.

Year-to-date and year-on-year movements in domestic debt remain modest, reflecting tighter domestic financing conditions and government efforts to consolidate fiscal operations.

Revised GDP Boosts Ratios

The Bank of Ghana estimates Ghana’s nominal GDP at GH¢1.4 trillion, which forms the base for the latest debt-to-GDP ratios.