Ghana’s public debt increased to GH¢684.6 billion as of September 2025, about GH¢28.7 billion more than that of July 2025, data from the Bank of Ghana has revealed.

This is approximately 48.9% of Gross Domestic Product (GDP).

However, in dollar terms, the total public debt stood at US$55.1 billion in August 2025, lower than the US$57.5 billion recorded in July 2025.

Between March and May 2025, the country’s public debt stock fell by GH¢156.4 billion to GH¢613 billion. However, it has been increasing since then.

The data showed that the external debt stood at US$29.5 billion in September 2025, higher than the US$29.2 billion in August 2025.  This represents 26.2% of GDP.

The domestic debt, however, dropped to GH¢317.6 billion in September 2025, from GH¢322.8 billion in August 2025, about 22.7% of GDP.

For the government’s fiscal operations, the fiscal deficit-to-GDP stood at 1.5 % in September 2025.

However, the primary balance was a surplus of 1.6% of GDP.