Ghana has recorded a substantial reduction in its total public debt stock, bringing it down by about GH¢40 billion between September and November 2025 to GH¢644.6 billion, according to the latest data from the Bank of Ghana. This latest figure represents roughly 45.5 per cent of the country’s Gross Domestic Product (GDP), a marked improvement in debt sustainability metrics that fiscal authorities say reflects strengthening macroeconomic discipline.
In US dollar terms, the public debt position also moved lower over the two-month period, standing at US$57.2 billion in November 2025, down from US$57.8 billion in October 2025 although it remains higher than the US$55.1 billion recorded in September 2025.
The downward trajectory in the cedi-denominated debt stock comes amid broader gains in Ghana’s macroeconomic environment, including cooled inflation and stronger economic activity. The Bank of Ghana and government officials have highlighted the significant role of tighter fiscal management, improved revenue mobilisation and a stabilising cedi in supporting this trend. Recent data from the central bank underscores expectations of inflation nearing target levels and strong GDP growth prospects for 2026 signals likely to reinforce investor confidence and strengthen fiscal space.
These improvements arrive against the backdrop of Ghana’s sustained efforts under its ongoing fiscal consolidation programme, which includes debt restructuring and disciplined budgetary controls. Over the longer term, Ghana has been working under an International Monetary Fund (IMF) supported framework that has helped tighten the grip on public finances and reduce debt-to-GDP ratios substantially from earlier peaks.
Despite the progress, analysts caution that vigilance remains essential. The fluctuation in dollar-denominated debt between quarterly intervals highlights ongoing exchange rate and external financing risks. However, Ghana’s significant year-on-year debt reductions and narrowing fiscal deficits suggest that policymakers are making headway in stabilising the economy after years of elevated debt burdens and macroeconomic volatility.
Author: Edem Latsu Nukafu
Edem Latsu Nukafu, a passionate communications professional dedicated to public relations, journalism, media strategy, and content development. He holds both a Diploma and Bachelor of Arts Degree in Communication Studies (Public Relations) from the University of Media, Arts and Communication – UniMAC-IJ. A member of Ghana Journalists Association (GJA).
