The latest data from the Bank of Ghana shows a decline in the country’s public debt stock of GH¢139 billion by the end of June 2025.
The debt stock fell from GH¢752.1 billion at the start of 2025 to GH¢613.0 billion by the first half of the year.
Despite the improvement in the fiscal position, the external debt dominates the country’s liabilities, thereby putting pressure on foreign reserves and exposing the economy to exchange rate and interest rate risks.
In May 2025, the country’s external debt, which was at GH¢296.2 billion, rose to GH¢300.3 billion as of June 2025.
Meanwhile, domestic debt declined to GH¢312.7 billion in June, down from GH¢315.6 billion the previous month, representing 22.3% of GDP.
The modest decline suggests improved fiscal consolidation and possibly a slowdown in local bond issuance.
The total public debt-to-GDP ratio held steady at 43.8% in June, significantly lower than the 66.8% reported in the same period last year.
