Ghana’s total public debt stock slightly increased to $49.5 billion in March 2025, up from $49.4 billion in February, according to the Bank of Ghana’s latest data. This modest rise occurred despite the cedi’s strong appreciation against major international currencies.
In Ghana cedis, the public debt reached GH₵769.4 billion, rising from GH₵768.1 billion. The figure now accounts for 55% of the country’s Gross Domestic Product (GDP).
The external debt component increased from GH₵440.1 billion ($28.3bn) to GH₵442.5 billion ($28.5bn), while domestic debt slightly declined from GH₵328 billion to GH₵326.9 billion. This drop may reflect a reduced appetite for treasury bill issuances by the government.
External and domestic debt contributed 31.6% and 23.4% to GDP, respectively.
Meanwhile, the cedi has shown remarkable strength. It has appreciated by 24.1% against the US dollar, 16.2% against the British pound, and 14.1% against the euro. This turnaround marks a significant recovery from years of sharp depreciation.
As of May 2025, the cedi trades at GH₵11.85 to the dollar, GH₵15.84 to the pound, and GH₵13.34 to the euro.
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