Ghana’s Public Debt Stock Decline (June 2025)

The Bank of Ghana’s latest figures indicate a decline in the country’s public debt stock, which fell from GH¢752.1 billion at the beginning of 2025 to GH¢613.0 billion by the end of June 2025, representing a decrease of GH¢139 billion.

Despite the fiscal position’s enhancement, external debt remains the country’s primary liability, thereby placing a strain on foreign reserves and increasing the economy’s exposure to exchange rate and interest rate risks.

In May 2025, the country’s external debt rose from GH¢296.2 billion to GH¢300.3 billion as of June 2025.

Meanwhile, domestic debt decreased to GH¢312.7 billion in June, down from GH¢315.6 billion the previous month, representing 22.3% of GDP.

The modest decline implies improved fiscal consolidation and possibly reduced local bond issuance. The total public debt-to-GDP ratio remained stable at 43.8% in June, significantly lower than the 66.8% reported during the same period last year.