Ghana’s total public debt stock decreased significantly between March and June 2025, falling by GH¢156.4 billion to GH¢613 billion as of June. This figure represents approximately 43.8% of the country’s Gross Domestic Product (GDP).
In dollar terms, the debt stood at $59.4 billion—an increase compared to the $49.5 billion recorded earlier, partly due to exchange rate effects.
Data from the Bank of Ghana shows a steady monthly decline in public debt: from GH¢769.4 billion in March to GH¢730.3 billion in April, GH¢612.1 billion in May, and finally GH¢613 billion in June.
The reduction is largely attributed to the appreciation of the Ghanaian cedi against the US dollar, which impacted the cedi valuation of external debt and GDP.
External debt rose slightly to $29.1 billion in June 2025, up from $28.5 billion in March. This accounts for 29.1% of GDP.
Meanwhile, domestic debt was reported at GH¢312.7 billion in June, slightly lower than GH¢315.6 billion in May, representing about 22.3% of GDP. Domestic debt figures in March and April were GH¢326.9 billion and GH¢322.3 billion, respectively.
On the fiscal front, the government’s fiscal deficit stood at 1.1% of GDP in June, while the primary balance posted a surplus of 0.7% of GDP.
