Ghana’s total public debt declined by GH¢15.8 billion month-on-month to GH¢726.7 billion in December 2024, according to the Bank of Ghana’s March 2025 Summary of Financial and Economic Data.
In November 2024, the country’s total public debt stood at GH¢742.5 billion. However, in dollar terms, the debt stock rose to US$49.4 billion in December 2024, up from US$48.3 billion in November 2024.
The report indicated that Ghana’s total debt was equivalent to 61.8% of Gross Domestic Product (GDP). The expansion of the economy contributed to a reduction in the debt-to-GDP ratio.
The data showed that external debt stood at US$28.3 billion in December 2024, slightly higher than the US$28.0 billion recorded in November 2024. The increase was largely attributed to the depreciation of the cedi during the period.
In contrast, domestic debt dropped to GH¢309.8 billion in December 2024, representing 26.3% of GDP. The reduction was primarily due to a decline in yields. In November 2024, domestic debt stood at GH¢311.4 billion.
Regarding the government’s fiscal performance, the fiscal deficit-to-GDP ratio was 5.2% in December 2024, while the primary balance stood at a deficit of 1.2% of GDP.
Meanwhile, Ghana’s economy was valued at GH¢1.176 trillion as of December 2024.