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Ghana’s public debt has experienced a modest increase, reaching $49.5 billion by the end of March 2025, according to the latest figures released by the Bank of Ghana.
This marks a slight rise from the $49.4 billion recorded in February 2025. The growth occurred despite a strong performance by the Ghanaian cedi against major foreign currencies.
In cedi terms, the total debt rose to GH₵769.4 billion from GH₵768.1 billion, accounting for 55% of the country’s Gross Domestic Product (GDP).
The external portion of the debt increased from GH₵440.1 billion ($28.3 billion) to GH₵442.5 billion ($28.5 billion). On the other hand, the domestic debt component declined slightly from GH₵328 billion to GH₵326.9 billion, potentially reflecting a reduced demand for treasury bills by the government.
Currently, external and domestic debts make up 31.6% and 23.4% of GDP respectively.
Meanwhile, the cedi has shown remarkable strength in the currency market, recording its best performance in recent years. It has appreciated by 24.1% against the US dollar, 16.2% against the British pound, and 14.1% against the euro.
As highlighted in the Bank of Ghana’s May 2025 Summary of Economic and Financial Data, the cedi now trades at approximately GH₵11.85 to the US dollar, GH₵15.84 to the pound sterling, and GH₵13.34 to the euro.
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