Ghana’s Debt Rises To GH¢684.6bn In Third Quarter
As of the third quarter of 2025, Ghana’s public debt has reached GH¢684.6 billion, following an increase of GH¢71.6 billion between July and September, according to the Bank of Ghana’s latest Summary of Economic and Financial Data.
This new figure, equivalent to 48.9% of GDP, represents a modest increase from the GH¢613 billion recorded in June.
Notwithstanding the quarter-on-quarter rise, Ghana has achieved notable progress in reducing its overall debt burden, having decreased its total debt by GH¢67.5 billion since January, reflecting the impact of ongoing fiscal consolidation and debt restructuring efforts.
Furthermore, year-on-year comparisons reveal even stronger gains, with Ghana’s total public debt GH¢125.4 billion lower than it was in September 2024, highlighting sustained improvement in debt sustainability indicators.
The Bank of Ghana primarily attributes the third-quarter surge to a sharp increase in external debt, which rose to GH¢367 billion from GH¢300.3 billion in June.
This short-term increase contrasts with the broader trend, as external debt has decreased by GH¢432 billion since the start of the year and GH¢508.6 billion compared to the same period last year.
External debt now accounts for 26.2% of GDP, reflecting a significant easing from previous levels as Ghana continues to renegotiate obligations and secure relief under international support programmes.
Domestic debt remained relatively stable, rising slightly to GH¢317.6 billion, up from GH¢312.7 billion in June. The modest increase suggests that the government has maintained tighter control over local borrowing as part of its fiscal strategy.
