Ghana closed 2025 with a total public debt stock of GH¢641 billion, reflecting a modest reduction from the previous year. According to the Bank of Ghana, this marks a drop from GH¢726.7 billion recorded in 2024. The country’s debt-to-GDP ratio also improved significantly, falling to 45.3% from 61.8% in 2024. The decline was gradual, with notable reductions observed between November and December 2025. Analysts attribute this improvement partly to the strong appreciation of the Ghanaian cedi, especially in the final quarter of the year.
Despite the overall drop, domestic debt increased slightly to GH¢333.8 billion compared to the previous year. External debt was estimated at $29.4 billion, based on central bank data. Meanwhile, the Ghana Statistical Service reported that the economy expanded to GH¢1.4 trillion in 2025, up from GH¢1.1 trillion in 2024.
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