Ghana’s Public Debt Declines to GH¢736 Billion in November 2024
Accra, January 2025 – Ghana’s public debt stock has dropped to GH¢736.0 billion in November 2024, a 3.3% decrease from GH¢761.0 billion in October 2024, according to the Bank of Ghana’s January 2025 Summary of Economic and Financial Data.
This reduction signals progress in efforts to stabilise the country’s fiscal outlook, with improvements in both external and domestic debt levels contributing to the decline.
Key Figures from the Report
- External Debt: Fell from GH¢453.7 billion in October to GH¢425.3 billion in November 2024.
- Domestic Debt: Dropped slightly from GH¢311.7 billion to GH¢307.3 billion over the same period.
- Debt-to-GDP Ratio: Improved to 72.2% in November 2024, down from 74.6% in October 2024.
The improved debt-to-GDP ratio reflects better debt sustainability metrics for Ghana, which has faced fiscal challenges in recent years.
Government’s Commitment to Fiscal Stability
The reduction in public debt is attributed to fiscal consolidation measures, including adjustments in debt management and efforts to enhance revenue mobilisation. These steps aim to stabilise Ghana’s economy, restore investor confidence, and ensure long-term sustainability.
While challenges remain, the decline in debt stock provides a positive signal for the government’s ongoing efforts to improve the country’s fiscal position and foster economic growth.
