Ghana’s public debt position improved markedly in 2025, with the debt-to-GDP ratio falling to its lowest level in several years, according to new figures released by the Bank of Ghana.
By November 2025, total public debt stood at GHS 644.6 billion, equivalent to 45.5% of GDP, down from 61.8% of GDP in December 2024. In dollar terms, total public debt amounted to US$57.2 billion.
The decline was driven largely by reduced external debt exposure and exchange-rate gains. External debt fell to 23.3% of GDP, compared with 36.7% a year earlier, while domestic debt declined slightly to 22.2% of GDP, from 26.5% in December 2024.
Fiscal performance improved alongside the debt reduction. The government recorded a primary surplus of 1.9% of GDP by November 2025, compared with a primary deficit of 1.2% at the end of 2024. Overall fiscal deficits also narrowed, reflecting higher domestic revenue and restrained spending.
Net domestic financing eased to 0.8% of GDP, signalling reduced reliance on local borrowing, while improved external balances helped strengthen foreign reserves and reduce debt servicing pressures.
Despite the improved ratios, debt servicing continues to consume a large share of government revenue, limiting fiscal space for capital expenditure, which stood at just 0.9% of GDP by November 2025.
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