Ghana’s Public Debt Hits GH¢684.6 Billion in Q3 2025 Amid Long-Term Decline
Public debt rises by GH¢71.6 billion in Q3 2025, reaching GH¢684.6 billion amid long-term declines
- Ghana’s public debt rose to GH¢684.6 billion ($55.1 billion) in Q3 2025, up GH¢71.6 billion from June
- External debt drove the quarterly increase, climbing to GH¢367 billion, while domestic debt remained relatively stable
- Despite the rise, year-to-date and year-on-year figures show significant reductions in total debt
Ghana’s public debt rose by GH¢71.6 billion in the third quarter of 2025, bringing the total debt stock to GH¢684.6 billion ($55.1 billion) as of September, according to the Bank of Ghana’s latest Summary of Economic and Financial Data.
Despite the quarterly increase, the report highlights that Ghana continues to make notable progress in reducing its overall debt burden compared to previous years. The current debt level represents 48.9% of GDP, up from GH¢613 billion (43.8% of GDP) in June, but broader trends remain positive.
Between January and September 2025, total debt fell by GH¢67.5 billion, while year-on-year figures show a reduction of GH¢125.4 billion compared to September 2024.
External debt was the main driver of the Q3 increase, rising to GH¢367 billion from GH¢300.3 billion in June. Nevertheless, external debt has significantly declined over longer timelines, dropping GH¢432 billion year-to-date and GH¢508.6 billion year-on-year, now representing 26.2% of GDP.
Domestic debt remained relatively stable, inching up to GH¢317.6 billion from GH¢312.7 billion in June, with only modest changes both year-to-date and year-on-year.
The Bank of Ghana estimates nominal GDP at GH¢1.4 trillion, forming the basis for the revised debt-to-GDP ratios.
