Ghana closed 2025 with a total public debt stock of GH¢641 billion, reflecting a slight reduction compared to the previous year, according to data from the Bank of Ghana. The latest Summary of Economic and Financial Data released in March 2026 also showed a significant improvement in the country’s debt sustainability, with the debt-to-GDP ratio declining to 45.3%, down from 61.8% in 2024 when the total debt stood at GH¢726.7 billion.
The report indicated that the debt level declined steadily toward the end of 2025, a trend some analysts attribute to the strong appreciation of the Ghana cedi, particularly in the final quarter of the year. In terms of composition, Ghana’s external debt was estimated at $29.4 billion, while domestic debt rose slightly to GH¢333.8 billion, increasing compared to the previous year.
Further data from the Ghana Statistical Service showed that the country’s economy expanded to about GH¢1.4 trillion in 2025, up from GH¢1.1 trillion in 2024.
Analysts believe the overall decline in debt, alongside economic growth, could strengthen Ghana’s position in upcoming credit rating assessments and signal improving fiscal stability.