Ghana’s public debt increased by GH¢71.6 billion in the third quarter of 2025, bringing the total debt stock to GH¢684.6 billion ($55.1 billion) as of September, according to the latest data from the Bank of Ghana.

The rise, primarily driven by external borrowing, has pushed the debt-to-GDP ratio to 48.9%, up from 43.8% (GH¢613 billion) in June. Despite the quarterly increase, the Bank of Ghana’s report indicates that Ghana continues to make significant progress in reducing its overall debt burden compared to last year.

Year-to-date figures show a reduction of GH¢67.5 billion in total debt between January and September 2025, while year-on-year comparisons reveal a deeper decline of GH¢125.4 billion relative to September 2024.

External debt was the main contributor to the third-quarter spike, rising to GH¢367 billion from GH¢300.3 billion in June. Nevertheless, longer-term trends show substantial reductions, with external debt falling GH¢432 billion year-to-date and GH¢508.6 billion year-on-year, now accounting for 26.2% of GDP.

Domestic debt remained relatively stable, increasing slightly to GH¢317.6 billion from GH¢312.7 billion in June, showing only modest changes both year-to-date and year-on-year.

The Bank of Ghana estimates the country’s nominal GDP at GH¢1.4 trillion, forming the basis for the revised debt-to-GDP ratios.