Ghana’s Public Debt Declines to GH¢644.6bn in November 2025
By Praisebell Rosemond Larbi
Ghana’s public debt stock declined to GH¢644.6 billion in November 2025, representing a reduction of about GH¢40 billion over a two-month period, according to the latest data from the Bank of Ghana (BoG).
The decline follows a debt level of approximately GH¢684.6 billion in September 2025, reflecting improved fiscal consolidation, exchange rate stability, and ongoing debt management measures under the government’s macroeconomic reform programme.
In nominal terms, the November debt stock represents about 45.5% of Gross Domestic Product (GDP), signalling a continued easing of debt pressures relative to economic output.
In dollar terms, however, total public debt stood at US$57.2 billion in November 2025, marginally lower than the US$57.8 billion recorded in October 2025, but higher than the US$55.1 billion reported in September 2025. The month-on-month movement reflects valuation effects linked to exchange rate fluctuations and the composition of external liabilities.
BoG data showed that public debt stood at GH¢630.2 billion in October 2025, before rising modestly in November. The broader trend suggests that while debt levels have moderated in recent months, pressures remain from domestic financing needs and external obligations.
Earlier in the year, between March and May 2025, Ghana recorded a sharp decline in its debt stock, with public debt falling by GH¢156.4 billion to GH¢612 billion, largely driven by the completion of the domestic debt exchange programme and improved fiscal discipline. However, debt levels began to edge up again from mid-2025, before dropping sharply in October.
A breakdown of the November figures shows that external debt stood at US$29.3 billion, slightly lower than the US$29.5 billion recorded in the preceding month. External debt accounted for 23.3% of GDP, highlighting a gradual easing of foreign debt exposure.
Meanwhile, domestic debt declined to GH¢314.5 billion in November 2025, down from GH¢317.6 billion in September, representing 22.2% of GDP. Analysts attribute the reduction partly to restrained domestic borrowing and improved cash management by the government.
On the fiscal front, the data showed encouraging signs of consolidation. The fiscal deficit-to-GDP ratio stood at 1.4% as of November 2025, reflecting tighter expenditure controls and improved revenue performance.
More notably, Ghana recorded a primary balance surplus of 2.8% of GDP, indicating that government revenues exceeded non-interest expenditures. Economists view this outcome as critical for long-term debt sustainability, as sustained primary surpluses are necessary to stabilise and reduce the debt burden.
Overall, the latest figures point to gradual progress in restoring fiscal credibility, although analysts caution that maintaining debt sustainability will depend on continued fiscal discipline, prudent borrowing, and sustained economic growth in 2026 and beyond.
