Ghana’s public debt stock declined by about GH¢40 billion in the last two months of 2025, according to the Bank of Ghana’s latest Summary of Economic and Financial Data.

The data showed that total public debt fell from GH¢684.6 billion in September 2025 to GH¢644.6 billion by November 2025.

The two-month decline contributed to a broader annual reduction of GH¢97.9 billion, from GH¢742.5 billion recorded in November 2024.

The report indicated that the reduction significantly improved debt sustainability indicators.

It said the debt-to-GDP ratio declined from 63.1 per cent in November 2024 to 45.5 per cent by November 2025.

The analysis showed that external debt stood at US$29.3 billion, with a cedi equivalent of GH¢330.2 billion, accounting for 23.3 per cent of Gross Domestic Product, while domestic debt amounted to GH¢314.5 billion, representing 22.2 per cent of GDP.

Fiscal operations also improved over the period, the data indicated.

The Overall Fiscal Balance commitment deficit declined to 0.5 per cent of GDP in November 2025, compared with 7.6 per cent in the same period a year earlier.

The Primary Balance, excluding interest payments, recorded a surplus of 2.8 per cent of GDP, reversing a deficit of 3.9 per cent in November 2024.