According to the Monetary Policy Report of the Bank of Ghana, the decline was mainly driven by cedi appreciation reducing the external debt in local currency by GH¢100.8 billion (8% of estimated GDP).

However, domestic debt increased slightly from GH¢309.8 billion to GH¢314.5 billion. The rise reflected controlled domestic financing aligned with the 2025 budget.

The combined effects of exchange rate appreciation and slower debt accumulation reduced the stock of total public debt at the end of November 2025. The stock of public debt decreased from 61.8% (revised GDP) in December 2024 to 45.5% in November 2025.

Similarly, the rate of debt accumulation shifted from 19.1% in 2024 to negative 11.3% by November 2025.

The provisional debt stock of central government and guaranteed debt stood at GH¢630.2 billion (45.0% of GDP) at end-October 2025, down from GH¢726.7 billion (61.8% of GDP) at end-December 2024.

Out of the total public debt, external debt was GH¢319.2 billion (22.8% of GDP) and domestic debt totalled GH¢311.0 billion (22.2% of GDP). The sharp decline reflected in the external debt.

The decline in the public debt was largely due to the appreciation of the currency, effective debt management, reduced borrowing cost and fiscal discipline, reflecting in the posting of a significant primary surplus.

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