Ghana’s public debt climbed sharply in the third quarter of 2025, rising by GH¢71.6 billion to GH¢684.6 billion (US$55.1 billion) as of September, new central bank data showed Tuesday.
According to the Bank of Ghana’s latest Summary of Economic and Financial Data, the increase pushed the debt ratio to 48.9 percent of GDP, up from 43.8 percent in June. The rise was driven mainly by a jump in external liabilities, which surged to GH¢367 billion from GH¢300.3 billion three months earlier.
Despite the quarterly spike, the central bank said the broader trajectory remains favourable. Between January and September, Ghana reduced its overall debt by GH¢67.5 billion, while year-on-year figures show a deeper fall of GH¢125.4 billion compared with September 2024.
External debt, though higher in the third quarter, has shrunk dramatically on longer timelines down GH¢432 billion since the start of the year and GH¢508.6 billion year-on-year. It now represents 26.2 percent of GDP.
Domestic debt remained broadly stable, inching up to GH¢317.6 billion from GH¢312.7 billion in June.
