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Ghana’s Public Debt Soars to GH¢726.7 Billion by December 2024
March 30, 2025 – Ghana’s public debt has reached a staggering GH¢726.7 billion (US$49.4 billion) by December 2024, constituting 61.8% of the country’s GDP, according to recent figures published by the Bank of Ghana.
From GH¢97 Billion to GH¢726.7 Billion: A Decade of Debt Growth
The International Monetary Fund (IMF) first classified Ghana as being at “high risk of debt distress” back in 2015 during bailout discussions, when the public debt stood at approximately GH¢97 billion. The current figure represents a dramatic 649% increase over nine years.
Debt Breakdown and Fiscal Performance
The Bank of Ghana’s report provides the following debt composition:
- External debt: GH¢416.8 billion (US$28.3 billion) – 35.4% of GDP
- Domestic debt: GH¢309.8 billion
The 2024 fiscal deficit reached 7.9% of GDP, significantly higher than the targeted 3.8%, primarily due to higher-than-expected expenditures.
IMF Intervention and Economic Outlook
Facing an economic crisis exacerbated by the debt situation and COVID-19 pandemic, Ghana entered into a $3 billion, 36-month Extended Credit Facility program with the IMF in May 2023. The program aims to:
- Restore macroeconomic stability
- Ensure debt sustainability
- Foster higher economic growth
Bank of Ghana Governor Dr. Johnson Asiama noted: “Early indications from banking sector data suggest some improvements in fiscal performance in early 2025. This, along with the commitment to fiscal consolidation presented in the 2025 budget, should support the fiscal outlook.”
International Reserves Situation
The central bank reported that Gross International Reserves stood at $9.4 billion at the end of February 2025, covering 4.2 months of imports of goods and services. This marks an improvement from $5.9 billion (4.0 months of import cover) at the end of December 2024.
When calculated under IMF program definitions (excluding encumbered assets and petroleum funds), reserves increased to $6.9 billion, equivalent to 3.0 months of import cover.
By Emmanuel K Dogbevi
Disclaimer: This article summarizes an original report from Ghana Business News. For complete details, please read the full original article.
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