Ghana’s Public Debt Rises to GH¢684.6bn in September 2025
By Praisebell Rosemond Larbi
Ghana’s public debt has risen to GH¢684.6 billion as of September 2025, reflecting an increase of GH¢28.7 billion compared to the July 2025 figure, newly released data from the Bank of Ghana has shown.
The latest figure represents 48.9 percent of Gross Domestic Product (GDP), signalling continued pressure on the country’s fiscal outlook despite earlier improvements recorded in the year.
In US dollar terms, however, Ghana’s total public debt declined slightly to US$55.1 billion in August 2025, down from US$57.5 billion in July 2025. Analysts attribute this divergence partly to exchange rate movements and valuation effects.
Debt Has Been Rising After Earlier Decline
The new numbers confirm a reversal of the gains made between March and May 2025, when the public debt stock fell significantly by GH¢156.4 billion to GH¢613 billion following the completion of key debt restructuring processes and improved domestic financing conditions.
Since May, however, the debt trajectory has been upward, driven largely by rising financing needs, continued reliance on short-term domestic instruments, and external disbursements tied to ongoing projects and program support.
External and Domestic Debt Trends Mixed
According to the Bank of Ghana’s report, Ghana’s external debt stood at US$29.5 billion in September 2025, a slight increase from the US$29.2 billion recorded in August. This represents 26.2 percent of GDP, and reflects disbursements from multilateral partners as well as valuation changes.
The domestic debt, however, showed a modest decline, falling to GH¢317.6 billion in September from GH¢322.8 billion in August. This represents 22.7 percent of GDP. The easing of domestic obligations aligns with efforts to rebalance the government’s financing mix and reduce pressure on the local debt market.
Fiscal Indicators Show Improving Balance
On the fiscal front, the Bank of Ghana reported that Ghana recorded a fiscal deficit of 1.5 percent of GDP as of September 2025. Although still in deficit, the figure reflects relative improvement compared to levels seen in previous years.
More encouraging is the primary balance, which registered a surplus of 1.6 percent of GDP. This performance is in line with government commitments under the IMF-supported program aimed at ensuring sustainable fiscal consolidation and debt management.
The latest debt numbers are expected to feed into ongoing discussions on Ghana’s medium-term fiscal strategy, particularly as the country works toward strengthening debt sustainability, securing additional external inflows, and reducing domestic financing vulnerabilities.
