Ghana’s public debt climbs to GH¢628.8bln as of July 2025 – BoG reports
Ghana’s public debt has surged by GH¢15.8 billion, reaching a total of GH¢628.8 billion in July 2025, representing about 44.9% of Gross Domestic Product (GDP), according to the Bank of Ghana’s Summary of Economic and Financial Data for September 2025.
The data reveals that Ghana’s total public debt was recorded at GH¢769.4 billion in March 2025, dropped to GH¢730.3 billion in April, and further declined to GH¢612.1 billion by May. In June, this figure rose slightly to GH¢613 billion, attributed to a notable appreciation of the cedi against the dollar.
In dollar terms, the public debt is now estimated at $59.9 billion, a 0.84% increase from $59.4 billion recorded in June 2025, following a significant decline in the public debt stock between March and June 2025, which saw a reduction of GH¢156.4 billion.
A further breakdown of the debt shows that external debt stood at US$29.0 billion in July 2025, a slight decrease from US$29.1 billion in June, accounting for 21.8% of GDP. Meanwhile, domestic debt saw a 3.5% increased to reach GH¢323.7 billion in July, up from GH¢312.7 billion in June, representing about 23.1% of GDP.
On the fiscal front, the government reported a fiscal deficit-to-GDP ratio of 1.4% in July 2025. However, the primary balance maintained a surplus of 0.7% of GDP during the same period.
See data Below:
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