Ghana’s total public debt rose by GH¢42.7 billion in the first quarter of 2025 to GH¢769.4 billion in March 2024, the Bank of Ghana has revealed in its May 2025 Summary of Financial and Economic Data.

In January and February 2025, the country’s total public debt stood at GH¢752.1 billion and GH¢768.1 billion, respectively.

However, in dollar terms, the total debt stock was estimated at US$49.5 billion in March 2025, GH¢100 million higher than in December 2025.

According to the report, Ghana's total debt was equivalent to 55% of Gross Domestic Product (GDP).

The expansion in the size of the economy culminated in a reduction in the GDP of the debt.

The data showed that the external debt stood at US$28.5 billion in March 2025, higher than the US$ $28.3 billion in December 2024.  This represents 28.5% of GDP.

The increase in the debt in March 2024 was a result of the depreciation of the cedi during the period.

However, domestic debt increased to GH¢326.9 billion in March 2025 from GH¢309.5 billion, about 23.4% of GDP.

In January 2025 and February 2025, the domestic debt stood at GH¢320.1 billion and GH¢328.0 billion, respectively.

For the government’s fiscal operations, the fiscal deficit-to-GDP stood at 1.0 % in March 2025. From the data, the government spending has been low.

The primary balance, however, stood at a surplus of 0.3% of GDP in March 2025.

Meanwhile, Ghana’s economy stood at GH¢1.4 trillion as of March 2025.