Ghana’s public debt increased by GhC71.6 billion in the third quarter of 2025, pushing the total debt stock to GhC684.6 billion as of September.
The Bank of Ghana’s November 2025 Summary of Economic and Financial Data indicates that despite this quarterly rise, the country continues to record notable progress in cutting its overall debt burden compared to the previous year.
Debt now represents 48.9% of GDP, up from GhC613 billion (43.8% of GDP) in June. Between January and September 2025, total debt declined by GhC67.5 billion, while year-on-year figures show a reduction of GhC125.4 billion relative to September 2024.
The third-quarter surge was largely attributed to external debt, which jumped to GhC367 billion from GhC300.3 billion in June. Nonetheless, external debt has dropped significantly over longer periods, falling by GhC432 billion since the start of the year and GhC508.6 billion compared to September 2024. It now accounts for 26.2% of GDP.
Domestic debt remained relatively steady, edging up slightly to GhC317.6 billion from GhC312.7 billion in June, with only minor changes on both year-to-date and year-on-year bases.
The central bank places Ghana’s nominal GDP at GhC1.4 trillion, the benchmark used to compute the updated debt-to-GDP ratios.
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