Ghana’s total public debt stock increased marginally to $49.5 billion as of March 2025, latest data from the Bank of Ghana has revealed.
This is a slight upward movement from $49.4 in February 2025. The development comes amidst the strong appreciation of the local currency against the US dollar.
Some analysts projected a reduction in Ghana’s debt stock by 10% given the recent strength of the cedi.
In cedi terms, the debt stood at GH₵769.4 billion, up from GH¢768.1 billion, and represents 55% of Gross Domestic Product (GDP).
The external component of the debt stock also rose from GH¢440.1 billion ($28.3bn) to GH¢442.5 billion ($28.5bn).
Notably, there was a decrease in the domestic component of the debt stock, falling from GH¢328 billion to GH¢326.9 billion, which could be because of the government’s mixed appetite for Treasury bill issuance.
The contribution of both the external debt and domestic debt to GDP was 31.6% and 23.4% respectively.
The local currency surged to its strongest performance against its major trading currencies – an impressive turnaround from the sharp depreciation trends seen in recent years and marks an all-time high in percentage terms.
It has appreciated by 24.1% against the US dollar, 16.2% against the British Pound and 14.1% against the Euro according to the latest data by the Bank of Ghana.
The cedi is currently trading at around GH₵11.62 to the dollar – GH₵15.60 to the British Pound and GH₵ 13.11 to the Euro.
