Ghana’s fiscal landscape showed significant shifts at the close of 2025, with the nation’s total public debt stock standing at GH¢641 billion in December 2025.

This represents a marginal month-on-month decline from GH¢644.6 billion in November 2025.

On a year-on-year (YoY) basis, the reduction is more pronounced, falling from GH¢726.7 billion in December 2024, underscoring the impact of ongoing debt restructuring and currency dynamics.

Latest figures from the Bank of Ghana’s Summary of Economic and Financial Data for the period ending March 2026 indicate this was one of the most notable developments as the stock dropped by GH¢82.1 billion, from GH¢726.7 billion (61.8% of GDP) in December 2024 to GH¢641.0 billion (45.3% of GDP) in December 2025.

Divergence in dollar terms

Despite the decline in cedi terms, the debt profile tells a different story in U.S. dollar terms. Ghana’s total public debt rose to $61.3 billion in December 2025, up from $57.2 billion in November and $49.4 billion in December 2024.

This divergence reflects exchange rate movements, with the cedi ending the year at around GH¢10.45 to the dollar. Even so, the debt-to-GDP ratio improved significantly to 45.3%, down from 61.8% a year earlier, pointing to some gains in fiscal consolidation.

External and domestic debt trends

The composition of public debt continued to show contrasting movements between external and domestic borrowing.

External debt stood at GH¢307.2 billion ($29.4 billion) in December 2025. This marks a decline in cedi terms from GH¢330.2 billion in November and a substantial drop from GH¢416.8 billion in December 2024. However, in dollar terms, it edged up slightly from $29.3 billion the previous month.

Domestic debt rose to GH¢333.8 billion, up from GH¢314.5 billion in November 2025 and GH¢309.8 billion in December 2024, highlighting continued reliance on the domestic market for financing.

Revenue strengthens at year-end

Government revenue performance improved markedly toward the end of the year. Total revenue and grants reached 16.1% of GDP in December 2025, up from 13.4% in November, and slightly higher than 15.9% recorded in December 2024.

Domestic revenue remained the main driver at 15.9% of GDP, with tax revenue contributing 13.1%, reinforcing the central role of tax mobilisation in fiscal recovery efforts.

Spending and fiscal balance

On the expenditure side, total spending was aligned with revenue at 16.1% of GDP in December 2025, down from 16.6% in December 2024. Capital expenditure remained subdued at 1.4% of GDP.

The overall fiscal deficit (cash basis) narrowed to 3.1% of GDP, an improvement from 5.2% in December 2024. In addition, the government posted a primary surplus of 0.5% of GDP, signalling tighter fiscal discipline.

For government, the reduction was one of the sharpest debt declines recorded in the country’s history.

For the business community, the rise in domestic debt suggests continued pressure on local liquidity, while the increase in dollar-denominated debt highlights ongoing exchange rate risks.

Nonetheless, improvements in key indicators—including the debt-to-GDP ratio and fiscal balance—suggest that Ghana’s fiscal consolidation efforts are taking hold.