Ghana’s public debt declines by GH¢15.8 billion in December 2024

Ghana’s total public debt declined by GH¢15.8 billion in December 2024, bringing the total debt stock to GH¢726.7 billion, according to the Bank of Ghana’s March 2025 Summary of Financial and Economic Data.

• Ghana's total public debt decreased by GH¢15.8 billion in December 2024
• Total debt stock was GH¢726.7 billion, equivalent to 61.8% of GDP
• Domestic debt fell to GH¢309.8 billion, representing 26.3% of GDP

This represents a decrease from GH¢742.5 billion recorded in November 2024.

However, in dollar terms, the total public debt rose to US$49.4 billion in December 2024, compared to US$48.3 billion in November 2024. The report also indicated that Ghana’s total debt stock was equivalent to 61.8% of Gross Domestic Product (GDP).

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Impact of economic expansion on debt ratio

The expansion of the economy contributed to a reduction in the debt-to-GDP ratio, despite the nominal increase in dollar terms. The data further revealed 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 rise in external debt was largely attributed to the depreciation of the Ghanaian cedi during the period.

In the preceding months, external debt was US$32.1 billion in September 2024 before declining to US$28.3 billion in October 2024.

Domestic debt sees marginal reduction

Domestic debt fell to GH¢309.8 billion in December 2024, representing 26.3% of GDP. This decline was primarily driven by a reduction in yields. In November 2024, domestic debt stood at GH¢311.4 billion.

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Government’s fiscal performance

Regarding the government’s fiscal operations, the fiscal deficit-to-GDP ratio stood at 5.2% in December 2024. Additionally, the primary balance recorded a deficit of 1.2% of GDP during the same period.

Meanwhile, Ghana’s total economic size reached GH¢1.176 trillion as of December 2024, underscoring the expansion of the country’s economy despite the debt fluctuations.

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