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Ghana’s public debt has increased to GH¢684.6 billion ($55.1 billion) as of September 2025, according to the Bank of Ghana’s latest report. This represents a GH¢71.6 billion rise from the previous quarter, driven primarily by external borrowing, which climbed to GH¢367 billion from GH¢300.3 billion in June.
Despite the quarterly increase, Ghana has made significant progress in reducing its overall debt burden, with a GH¢67.5 billion decrease since January 2025 and a GH¢125.4 billion reduction year-on-year. The debt-to-GDP ratio now stands at 48.9%, up from 43.8% in June.
Domestic debt remained relatively stable, inching up to GH¢317.6 billion from GH¢312.7 billion in June. The Bank of Ghana estimates Ghana’s nominal GDP at GH¢1.4 trillion, forming the basis for the revised debt-to-GDP ratios.
The report identifies external debt as the primary contributor to the Q3 increase. External obligations rose sharply from GH¢300.3 billion in June to GH¢367 billion in September.
However, on broader timelines, external debt tells the opposite story. It has dropped by GH¢432 billion year-to-date, and by GH¢508.6 billion year-on-year, now representing 26.2% of GDP.
Domestic debt saw only a marginal rise, inching up to GH¢317.6 billion from GH¢312.7 billion in June. Year-on-year and year-to-date movements remain modest.
The Bank of Ghana estimates Ghana’s nominal GDP at GH¢1.4 trillion, forming the base for the updated debt-to-GDP ratios. The revised figures reflect improvements in revenue performance, exchange-rate adjustments, and recalibrated macroeconomic data.
The report is expected to influence discussions around the 2026 Budget, debt sustainability measures, and Ghana’s medium-term economic recovery strategy.
