Ghana’s total public debt stock rose marginally to $49.5 billion as of March 2025, according to the latest data from the Bank of Ghana.
This reflects a modest increase from $49.4 billion in February 2025, despite a significant appreciation of the Ghanaian cedi against the US dollar during the period.
In local currency terms, the debt rose to GH₵769.4 billion, up from GH₵768.1 billion, representing approximately 55% of GDP. The slight uptick suggests a relatively stable debt position, buoyed by favourable exchange rate movements that have strengthened the cedi.
Interestingly, domestic debt declined slightly from GH₵328 billion to GH₵326.9 billion, likely due to the government’s restrained issuance of treasury bills, which has moderated domestic borrowing.
Conversely, external debt saw a modest rise from GH₵440.1 billion ($28.3 billion) to GH₵442.5 billion ($28.5 billion). As a share of GDP, external debt accounted for 31.6%, while domestic debt stood at 23.4%.
The Bank of Ghana also highlighted the cedi’s strong performance, marking a sharp turnaround from previous years of depreciation. As of May 2025, the cedi had appreciated by 24.1% against the US dollar, 16.2% against the British pound, and 14.1% against the euro.
The cedi was trading at approximately GH₵11.85/USD, GH₵15.84/GBP, and GH₵13.34/EUR, reflecting increased investor confidence and sound macroeconomic management.
Overall, the combination of a strengthening currency and disciplined fiscal strategy points to a cautiously optimistic outlook for Ghana’s economic stability.
Credit: myjoyonline.com
