…as Ghana’s Public Debt Rises to GH¢684.6bn
Ghana’s public debt rose by GH¢71.6 billion in the third quarter of 2025, reaching GH¢684.6 billion ($55.1 billion) as of September, according to the Bank of Ghana’s latest Summary of Economic and Financial Data for the period ending November 2025. This translates to every Ghanaian owing approximately GH¢19,387, with the country’s debt per capita standing at around $403.7 USD, more than twice the average monthly income. This however, compares favourably with debt figures during the same period last year.
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As of July 2024, every Ghanaian owed around GH¢22,076, with the country’s total public debt standing at GH¢761.2 billion, representing 75.7% of Ghana’s GDP. The 2024 figure was a significant increase from July 2023, when the debt was GH¢587.7 billion, or 70.3% of GDP.
Despite the marginal increase in 2025, Ghana’s debt burden is showing signs of improvement, with a debt-to-GDP ratio of 48.9%, up from 43.8% in June. The country has made significant progress in reducing its debt, with a GH¢67.5 billion reduction between January and September 2025, and a year-on-year decline of GH¢125.4 billion compared to September 2024.
The external debt component was the main driver of the quarterly increase, rising to GH¢367 billion from GH¢300.3 billion in June. However, external debt has posted significant declines over longer timelines, falling GH¢432 billion year-to-date and GH¢508.6 billion year-on-year, accounting for 26.2% of GDP.
Domestic debt remained relatively stable, increasing slightly to GH¢317.6 billion from GH¢312.7 billion in June, with modest movements year-to-date and year-on-year.
Ghana’s nominal GDP is estimated at GH¢1.4 trillion, serving as the base for the revised debt-to-GDP ratios.
