The Bank of Ghana has released the latest data on the country’s public debt, revealing a marginal increase to $49.5 billion as of March 2025, up from $49.4 billion in February 2025.
In local currency terms, the debt stands at GH₵769.4 billion, a slight increase from GH₵768.1 billion.
The debt-to-GDP ratio currently sits at 55%, with the external component of the debt stock rising to GH₵442.5 billion ($28.5 billion) from GH₵440.1 billion ($28.3 billion).
Conversely, the domestic debt component decreased to GH₵326.9 billion from GH₵328 billion, potentially due to the government’s cautious approach to treasury bill issuances.
Interestingly, the cedi has demonstrated remarkable resilience, appreciating significantly against major trading currencies.
According to the Bank of Ghana’s data, the local currency has surged 24.1% against the US dollar, 16.2% against the British Pound, and 14.1% against the Euro. As of May 2025, the exchange rates stand at GH₵11.85 to the dollar, GH₵15.84 to the Pound, and GH₵13.34 to the Euro.
The external debt accounts for 31.6% of GDP, while the domestic debt contributes 23.4%.
The development underscores the complexities of Ghana’s economic landscape, where a strong currency performance coexists with a rising debt burden.