The Bank of Ghana's share of domestic debt decreased to 17.5% by the end of December 2025. This marks a reduction from 18.9% recorded in December 2024, indicating a notable shift in domestic financial holdings.
This decrease means less of Ghana's internal borrowing is held by its central bank compared to the previous year. Domestic Money Banks, also known as commercial banks, increased their holdings to 25.1% from 24.9% over the same period. The Social Security and National Insurance Trust (SSNIT) also saw an increase, holding 1.9% of domestic debt compared to 1.3% in December 2024. Non-resident investors' share, however, fell slightly to 4.0% from 4.3%.
Ghana's total domestic debt stock stood at GHS 333.76 billion by December 2025, representing 23.3% of the country's Gross Domestic Product (GDP). This figure increased from GHS 309.84 billion, or 26.2% of GDP, at the end of December 2024. The overall increase in domestic debt reflects new short-term, medium-term, and long-term securities issued by the government to fund its operations and development projects.
The Bank of Ghana's 2025 Annual Report and Financial Statement provided these figures. This report offers a comprehensive overview of the nation's financial status and the central bank's activities. Understanding these debt figures helps track Ghana's economic health and its reliance on different types of creditors.
This rebalancing of domestic debt ownership will likely influence future government borrowing strategies and market interest rates. The shift suggests a potential move towards more diversified sources of domestic financing for Ghana. Decision-makers and financial markets will watch closely for further trends in debt distribution and its impact on the economy.
Ghana's external debt also grew, reaching US$29.40 billion by December 2025, or 21.4% of GDP. This is up from US$28.45 billion, or 35.4% of GDP, in December 2024. Multilateral holders, such as the World Bank and International Monetary Fund, hold the largest share of external debt at 42.3%. The international capital market accounts for 28.5%, while bilateral holders like other countries hold 20.0%, and commercial creditors hold 9.2%.
The composition of both domestic and external debt is crucial for assessing Ghana's financial vulnerability. Changes in these proportions can signal shifts in investor confidence and government fiscal policy. Ongoing efforts to manage and restructure these debts remain a key focus for Ghana's economic stability.
These detailed figures highlight the ongoing challenges and adjustments within Ghana's public finance sector. The government's ability to manage this growing debt responsibly will determine its economic trajectory in the coming years. Investors and citizens alike will monitor these developments for signs of stability or potential strain.