Ghana’s public debt declined to 43.8% of GDP by June 2025, down from 55% in March, according to the Bank of Ghana’s latest economic data.
The improvement reflects accelerated progress under President John Mahama’s debt restructuring strategy, exceeding the government’s 2028 target of sub-55% ahead of schedule.
While external debt rose to $59.4 billion (from $49.5 billion in March), domestic debt fell sharply to 312.7 billion cedis (from 326.9 billion cedis).
The divergence stems from the cedi’s 40.7% cumulative appreciation against major currencies this year, reducing local-currency liability burdens.
External debt restructuring 90% completed since Ghana entered an IMF-backed exchange program in December 2022 contributed significantly to the fiscal recalibration.
Finance Ministry records confirm the restructuring aimed to stabilize macroeconomic indicators under the National Democratic Congress (NDC) administration.
The central bank’s data precedes Wednesday’s monetary policy briefing, where further details on inflation and growth targets are anticipated.
