Ghana’s public debt slightly reached $49.5bn by March 2025

Ghana's total public debt reached $49.5 billion in March 2025. This is a slight increase from $49.4 billion in February 2025. The Ghanaian cedi strengthened significantly against the US dollar during this time.

In local currency, the debt was GH₵769.4 billion, up from GH₵768.1 billion. This amount represents 55% of the nation's Gross Domestic Product (GDP).

The small increase shows a stable debt position amid favorable currency movements. These movements have improved the cedi’s value.

Interestingly, domestic debt decreased slightly from GH₵328 billion to GH₵326.9 billion. This reduction may be due to the government's cautious approach to issuing treasury bills.

Meanwhile, external debt rose modestly from GH₵440.1 billion ($28.3 billion) to GH₵442.5 billion ($28.5 billion). External debt made up 31.6% of GDP, while domestic debt contributed 23.4%.

The Bank of Ghana's report highlights the cedi's strong performance against major currencies. The local currency appreciated by 24.1% against the US dollar and by 16.2% against the British pound.

It also rose by 14.1% against the Euro, marking a significant turnaround after years of depreciation.

As of May 2025, the cedi traded at about GH₵