Ghana’s Public Debt shows stability in November 2025 - BoG
28th January 2026
The Bank of Ghana (BoG) has reported continued signs of stability in Ghana’s public debt position as of November 2025.
According to the central bank’s Summary of Economic and Financial Data released in January 2026, the country’s total public debt stood at GH¢644.6 billion at the end of November 2025, reflecting an improving debt outlook that is expected to strengthen investor and business confidence.
Earlier in the year, Ghana experienced a significant reduction in its debt stock between March and May 2025, when public debt declined by GH¢156.4 billion to GH¢612 billion.
The data further indicated that external debt eased marginally to US$29.3 billion in November 2025, down from US$29.5 billion recorded in October 2025.
Although public debt rose by about GH¢14.4 billion between October and November 2025 on a month-on-month basis, the overall trend showed a notable decline of roughly GH¢40 billion between September and November 2025. This reduction was attributed to restrained borrowing and improved cash management practices.
Measured in dollar terms, Ghana’s total public debt amounted to US$57.2 billion in November 2025, lower than the US$57.8 billion recorded in October, but slightly higher than the US$55.1 billion registered in September.
Domestic debt also recorded a decrease, falling to GH¢314.5 billion, equivalent to 22.2 per cent of Gross Domestic Product (GDP), compared with GH¢317.6 billion recorded two months earlier.