- Ghana's debt stock drops to GH¢736.0 billion
- External debt falls by GH¢28.4 billion
- Debt-to-GDP ratio improves to 72.2%
Ghana’s public debt stock has experienced a notable decline, dropping to GH¢736.0 billion in November 2024, from GH¢761.0 billion in October 2024, according to the Bank of Ghana’s latest Summary of Economic and Financial Data released in January 2025.
The reduction, which amounts to a 3.3 percent decrease in just one month, highlights ongoing efforts to stabilize the country’s fiscal outlook. The decrease in the debt stock has been attributed to adjustments in both external and domestic debt levels during the period under review.
Specifically, Ghana’s external debt fell to GH¢425.3 billion in November 2024, down from GH¢453.7 billion the previous month. Domestic debt also saw a slight decrease, reducing from GH¢311.7 billion in October 2024 to GH¢307.3 billion in November 2024.
The report further reveals that the country’s public debt stock as a percentage of GDP dropped to 72.2 percent in November 2024, from 74.6 percent in October 2024. This marks an improvement in Ghana’s debt sustainability metrics, which had previously been under pressure due to the nation’s fiscal challenges.
In response to these developments, Ghana’s government has reaffirmed its commitment to fiscal consolidation, with various strategies in place to reduce the country’s debt burden and improve revenue mobilization efforts.
The decline in the public debt stock offers some relief as the nation works towards stabilizing its economy and regaining investor confidence, providing a glimmer of hope amidst the ongoing fiscal adjustments.
