Ghana’s public debt rose by GH¢71.6 billion in the third quarter of 2025, pushing the total debt stock to GH¢684.6 billion ($55.1 billion) as of September.

Per the Bank of Ghana’s latest Summary of Economic and Financial Data for the period ending November 2025, despite the quarterly increase, the report shows Ghana is still making substantial progress in reducing its overall debt burden compared to last year.

The current debt level equivalent to 48.9% of GDP is up from GH¢613 billion (43.8% of GDP) in June, but broader trends remain favourable.

Between January and September 2025, Ghana cut its total debt by GH¢67.5 billion, while year-on-year figures show an even deeper reduction of GH¢125.4 billion compared to September 2024.

External debt was the major driver of the quarter three spike, climbing to GH¢367 billion from GH¢300.3 billion in June.

Yet, on longer timelines, external debt has posted dramatic declines – falling GH¢432 billion year-to-date and GH¢508.6 billion year-on-year. It now accounts for 26.2% of GDP.

Domestic debt remained relatively stable, inching up to GH¢317.6 billion from GH¢312.7 billion in June, with only modest movements year-to-date and year-on-year.

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