Ghana’s public debt declined by about GH¢40 billion between September and November 2025 to GH¢644.6 billion, representing approximately 45.5% of Gross Domestic Product (GDP).
In dollar terms, total public debt stood at US$57.2 billion in November 2025, down from US$57.8 billion in October, but higher than the US$55.1 billion recorded in September.
Bank of Ghana data show that public debt was GH¢630.2 billion in October 2025. Earlier in the year, between March and May 2025, the debt stock fell sharply by GH¢156.4 billion to GH¢612 billion, before rising again until October, when it dropped significantly.
External debt stood at US$29.3 billion in November 2025, accounting for 23.3% of GDP. Domestic debt declined to GH¢314.5 billion in November from GH¢317.6 billion in September, representing about 22.2% of GDP.
On the fiscal front, the fiscal deficit-to-GDP ratio stood at 1.4% in November 2025, while the primary balance recorded a surplus of 2.8% of GDP.
