Ghana’s debt-to-GDP ratio improves as total debt falls to GHS641b

Ghana closed 2025 with a total public debt stock of GH¢641 billion, signaling a gradual easing of fiscal pressure, according to the Bank of Ghana’s Summary of Economic and Financial Data for March 2026.

The country’s debt-to-GDP ratio also improved significantly, dropping to 45.3% from 61.8% in December 2024, reflecting both a reduction in debt stock and growth in economic output. The Ghana Statistical Service estimates the economy at GH¢1.4 trillion, up from GH¢1.1 trillion in 2024.

While the overall debt declined, domestic borrowing increased slightly to GH¢333.8 billion, compared to the previous year, highlighting continued reliance on local financing. External debt, however, stood at $29.4 billion, showing relative stability despite fluctuations in exchange rates. Analysts attribute part of the overall reduction to the cedi’s appreciation in late 2025.

Experts note that the improving debt indicators could have positive implications for Ghana’s next sovereign credit rating review, offering the country room to secure financing under more favorable terms.

The figures suggest that Ghana’s fiscal consolidation efforts, alongside economic growth, are beginning to produce measurable results, although careful management of domestic borrowing remains crucial to sustain progress.