- Ghana's public debt dropped by GH¢15.8 billion to GH¢726.7 billion in December 2024
- External debt rose to US$28.3 billion, mainly from cedi depreciation
- he fiscal deficit was 5.2% of GDP, with a primary deficit of 1.2%
Ghana’s total public debt decreased by GH¢15.8 billion month-on-month, reaching GH¢726.7 billion in December 2024, according to the Bank of Ghana’s March 2025 Summary of Financial and Economic Data.
In November 2024, the country’s public debt was GH¢742.5 billion. However, in dollar terms, the debt rose to US$49.4 billion in December 2024, up from US$48.3 billion in November 2024.
The report revealed that Ghana’s total debt was equivalent to 61.8% of its Gross Domestic Product (GDP). The growth of the economy helped lower the debt-to-GDP ratio.
External debt was recorded at US$28.3 billion in December 2024, slightly higher than the US$28.0 billion in November 2024. This increase was largely due to the depreciation of the cedi during the period.
On the other hand, domestic debt decreased to GH¢309.8 billion in December 2024, which was 26.3% of GDP. This drop was mainly driven by a reduction in yields. Domestic debt had stood at GH¢311.4 billion in November 2024.
In terms of fiscal performance, the fiscal deficit-to-GDP ratio was 5.2% in December 2024, with the primary balance showing a deficit of 1.2% of GDP. As of December 2024, Ghana’s economy was valued at GH¢1.176 trillion.
