Ghana’s public debt fell from 70.3% of GDP in 2024 to 49% at the end of 2025, the World Bank says. World Bank Division Director for Ghana, Liberia and Sierra Leone, Robert Taliercio, told the launch of the Tenth Ghana Economic Update in Accra that the cut arrived three years ahead of the expected IMF programme timeline.
Six months later, the Bank of Ghana’s June 2026 Monetary Policy Report put provisional public debt at GHS719.52 billion, or 45.0% of GDP. The cedi stock was GHS641.11 billion (44.7% of GDP) at end-December 2025. Domestic debt jumped GHS57.36 billion in that half-year to GHS391.12 billion.
Mr Taliercio tied the 2024–2025 ratio drop to growth, cedi appreciation, near-finished debt restructuring, and fiscal consolidation. The central bank says the 2026 rise followed the March bond-market reopening, tap issuances, and buffers for large debt-service payments due in 2027 and 2028.
The ratio looks tighter than the 2024 peak. The cedi bill is rising again.