Ghana’s public debt has surged to GH¢769.4 billion at the end of March 2025, marking an increase of GH¢42.7 billion in just the first three months of the year, according to the Bank of Ghana’s latest Summary of Economic and Financial Data released in May 2025.

This sharp rise puts the country’s debt-to-GDP ratio at 55%, reflecting the ongoing fiscal challenges faced by the West African nation despite efforts to implement economic reforms. The nominal value of Ghana’s economy is estimated at GH¢1.4 trillion.

In U.S. dollar terms, Ghana’s total public debt now stands at approximately $49.5 billion, a marginal increase from $49.4 billion recorded in February 2025. The rise is largely attributed to both domestic and external borrowing to finance government operations and developmental projects.

Breakdown of the figures shows that external debt stands at GH¢442.5 billion, equivalent to about $28.5 billion, while domestic debt is pegged at GH¢326.9 billion.

The Bank of Ghana notes that while inflation is on a gradual decline and the cedi has shown some signs of stability, the fiscal burden remains a critical concern. Government is expected to intensify its efforts at fiscal consolidation by tightening public spending and improving revenue collection.

Experts warn that without sustained measures to control borrowing and stimulate revenue growth, the country’s debt could reach unsustainable levels, further impacting investor confidence and economic stability.

The coming months will be crucial as Ghana works to strike a balance between financing its development goals and maintaining debt sustainability in an already challenging economic landscape.