Ghana’s public debt grew by GH¢42.7 billion in the first quarter of 2025, reaching GH¢769.4 billion in March, the Bank of Ghana reported in its May 2025 financial update.

At the beginning of the year, debt stood at GH¢752.1 billion in January and increased to GH¢768.1 billion in February.

In US dollars, Ghana’s total debt reached about US$49.5 billion in March. This figure rose by US$100 million since December 2024.

The Bank reported that Ghana’s total debt represents 55% of its Gross Domestic Product (GDP). Economic growth helped lower the debt-to-GDP ratio despite the increase in debt.

External debt rose slightly to US$28.5 billion in March from US$28.3 billion in December 2024. This amount accounts for 28.5% of GDP. The cedi’s depreciation partly caused this increase.

Domestic debt climbed to GH¢326.9 billion in March from GH¢309.5 billion in December 2024. This makes up about 23.4% of GDP. The figures were GH¢320.1 billion in January and GH¢328.0 billion in February.

Government spending remained restrained, with a fiscal deficit-to-GDP ratio of 1.0% in March 2025. The primary balance recorded a surplus of 0.3% of GDP.

The Bank also valued Ghana’s economy at GH¢1.4 trillion as of March 2025.