Ghana ended 2025 with a total debt stock of GH¢641 billion, marking a marginal decline.

This was captured in the Bank of Ghana's Summary of Economic and Financial Data for March 2026.

The data also showed that Ghana’s debt-to-GDP ratio slowed to 45.3%.

In 2024, the country’s total debt stock stood at GH¢726.7 billion, with a debt-to-GDP ratio of 61.8%.

The report indicated that the debt stock declined steadily from November to December 2025.

Some market analysts attribute the reduction to the cedi’s sharp appreciation in 2025, particularly in the last quarter of the year.

Breakdown

Ghana’s external debt stood at $29.4 billion, according to the Bank of Ghana data.

Domestic debt, however, rose marginally to GH¢333.8 billion.

The data also showed that domestic debt increased compared to December 2024.

Analysts say the decline in overall debt could positively influence Ghana’s next credit rating review by international agencies.

Figures from the Ghana Statistical Service show that Ghana’s economy is now estimated at GH¢1.4 trillion, up from GH¢1.1 trillion in the same period in 2024.