Ghana’s total public debt stood at GHC761.0 billion by November 2024, reflecting a month-on-month decrease of GH¢24.1 billion, according to the Bank of Ghana’s January 2025 Summary of Financial and Economic Data.

This decline in the overall debt was attributed to the successful restructuring of the country’s external debt, which significantly reduced its external debt component.

In dollar terms, Ghana’s total debt was valued at US$47.9 billion as of November 2024, a decrease from US$51.6 billion recorded in the same month the previous year. This level of debt equates to 72.2% of the nation’s Gross Domestic Product (GDP).

The external debt, which plays a significant role in the country’s financial structure, was reported at US$27.6 billion in November 2024. This figure is notably lower than the US$30 billion recorded in November 2023, and represents a decrease from US$32.0 billion in both September and October 2024.

Conversely, domestic debt saw an upward trend, rising to GH¢311.7 billion as of November 2024, which accounts for about 30.5% of GDP. This increase is attributed to the government’s persistent borrowing from the treasury market, with domestic debt sitting at GH¢275.8 billion in February 2024.

Although data from August 2024 to December 2024 on government fiscal operations was not available, the fiscal deficit to GDP stood at 3.9% as of July 2024, while the primary balance reflected a deficit of 1.8% of GDP during the same period.

As of November 2024, Ghana’s economy was valued at GH¢1.020 trillion, with continued fiscal challenges and external debt restructuring efforts forming the core of the country’s ongoing economic management strategy.

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