Ghana’s total public debt stock increased marginally to $49.5 billion as of March 2025, up from $49.4 billion in February 2025, according to the latest economic data from the Bank of Ghana.
This slight uptick in the national debt occurred despite a significant appreciation of the Ghanaian cedi against major foreign currencies.
In cedi terms, Ghana’s public debt reached GH¢769.4 billion, representing 55% of the country’s Gross Domestic Product (GDP).
The external debt component rose slightly, from GH¢768.1 billion to GH¢769.4 billion, reflecting growing foreign debt obligations.
However, the domestic debt stock declined from GH¢328 billion to GH¢326.9 billion, potentially due to the government’s reduced reliance on treasury bill issuances and a cautious debt management strategy.
A major economic highlight is the Ghanaian cedi’s strong performance in the foreign exchange market.
The cedi appreciated by 24.1% against the US dollar, 16.2% against the British pound, and 14.1% against the euro — a remarkable reversal from previous years of steep depreciation.
This marks the cedi’s best exchange rate performance in recent history.
As of May 2025, the cedi is trading at GH¢11.85 to the US dollar, GH¢15.84 to the British pound, and GH¢13.34 to the euro, according to the Bank of Ghana’s Summary of Economic and Financial Data.
This latest update on Ghana’s debt-to-GDP ratio, foreign exchange rates, and cedi appreciation reflects key trends in the country’s macroeconomic stability and ongoing fiscal policy developments.
