By: Benjamin Nii Nai Anyetei
Ghana’s public debt has climbed to GH¢684.6 billion as of the third quarter of 2025, an increase of GH¢71.6 billion from the previous quarter, according to the Bank of Ghana’s latest Summary of Economic and Financial Data.
The new figure, valued at $55.1 billion, represents 48.9% of GDP, up from GH¢613 billion (43.8% of GDP) recorded in June 2025. Despite the quarterly rise, the Central Bank emphasises that Ghana continues to make meaningful progress in reducing its overall debt burden over longer periods.
Between January and September 2025, the country successfully cut its total debt by GH¢67.5 billion, reflecting ongoing fiscal consolidation measures. Year-on-year data shows an even steeper reduction of GH¢125.4 billion compared to September 2024.
The report identifies external debt as the primary contributor to the Q3 increase. External obligations rose sharply from GH¢300.3 billion in June to GH¢367 billion in September.
However, on broader timelines, external debt tells the opposite story. It has dropped by GH¢432 billion year-to-date, and by GH¢508.6 billion year-on-year, now representing 26.2% of GDP.
Domestic debt saw only a marginal rise, inching up to GH¢317.6 billion from GH¢312.7 billion in June. Year-on-year and year-to-date movements remain modest.
The Bank of Ghana estimates Ghana’s nominal GDP at GH¢1.4 trillion, forming the base for the updated debt-to-GDP ratios. The revised figures reflect improvements in revenue performance, exchange-rate adjustments, and recalibrated macroeconomic data.
The report is expected to influence discussions around the 2026 Budget, debt sustainability measures, and Ghana’s medium-term economic recovery strategy.
