Ghana Public Debt Dashboard
About This Dashboard
National debt can have significant economic and social effects, including higher interest payments, reduced fiscal sustainability, and austerity measures. To manage national debt effectively, governments need to exercise fiscal discipline, reduce debt levels through measures such as increased revenue and spending cuts, promote economic growth, explore debt refinancing options, and maintain transparency and accountability in fiscal management practices. By implementing these strategies, governments can mitigate the adverse effects of national debt and promote long-term economic stability.
Total Public Debt
GH₵ 644.6B
Debt per capita: GH₵ 21,061
Debt-to-GDP
45.5%
Sustainability • Dec 2025
External Share
51.2%
Values as of Dec 2025
Debt Service
48.0%
Fiscal Year 2026
Historical Debt Trends Analysis
Ghana's public debt has experienced significant growth over the years, reflecting the country's efforts to finance development projects, economic shocks, and external vulnerabilities. Below is a summary of the public debt trends from 2008 to 2026.
Key Economic Indicators
Real-time tracking of Ghana's critical economic metrics, covering debt stock, GDP growth, inflation, and market rates to monitor financial recovery progress.
Snapshot as of Nov 2025 • Verified Feb 7, 2026
Total debt stock
Debt decreased by GH₵ 40B from August, reflecting successful debt restructuring and improved fiscal management.
External Debt
External debt fell significantly by GH₵ 124.8B, demonstrating major progress in debt restructuring efforts.
Domestic Debt
Domestic debt increased by GH₵ 24.4B, indicating shift toward local financing as external debt is restructured.
External Debt % share
External debt share decreased from 53.6%, reflecting rebalancing toward more balanced debt portfolio composition.
Domestic Debt % share
Domestic debt share increased from 46.4%, showing greater reliance on local markets during debt restructuring period.
Revised interest payment
Major reduction in interest payments by GH₵ 38.8B from June, reflecting successful debt restructuring and relief.
Interest/Expenditure Ratio
Interest burden on expenditure decreased significantly from 16.75%, freeing up fiscal space for development spending.
Debt per Capita
Per capita debt burden remains unchanged, as debt reduction aligns proportionally with population growth.
Interest/Revenue Share
Quarter of government revenue still allocated to debt servicing, unchanged ratio despite lower absolute interest costs.
Total Debt to GDP Ratio
Debt-to-GDP fell dramatically from 63.3%, reflecting successful debt restructuring and GDP growth in nominal terms.
Domestic Debt % of GDP
Domestic debt burden relative to GDP decreased significantly from 48.9%, reflecting debt reduction and GDP revaluation.
External Debt % of GDP
External debt-to-GDP ratio decreased from 51.1% due to successful external debt restructuring and GDP growth.
Per CAPITA Income
Income per person remains steady, providing consistent baseline for debt sustainability assessments.
GDP (USD)
Economic output in dollar terms increased from $79B, reflecting economic growth and currency adjustments.
Inflation (Nov 2025)
Excellent progress! Inflation dropped from 6.3% to 3.8%, now below BOG target range, showing strong monetary stability.
Inflation Target
Current inflation at 3.8% is below the 6-10% target range, demonstrating exceptional monetary policy success.
Monetary Policy Rate
Policy rate reduced from 18% to 15.5% as inflation targets exceeded, supporting economic growth while maintaining stability.
91-Day T-Bill Rate
Treasury bill yields declined, reducing the cost of short-term government borrowing.
Debt Trajectory Analysis
Historical trend of total public debt showing the evolution of domestic and external obligations over time.
Portfolio Composition & Ratios
Breakdown of debt by currency and Debt-to-GDP sustainability indicators.
Debt Composition
Breakdown by domestic vs external sourcesData as of Dec 2025
Debt-to-GDP Ratio
Key indicator of debt sustainability• 2024 - 2025
Creditor & Instrument Breakdown
Detailed analysis of major creditors and domestic debt instruments.
External Debt Composition
Total: GH₵ 330.2B
Domestic Debt Instrument
Total: GH₵ 314.4B
Risk & Impact Analysis
Assessment of external and domestic risks potentially improving or threatening debt sustainability.
External Debt Key Risks
- Debt RestructuringMajor 23.1% reduction reflects successful debt restructuring effortsPOSITIVE
- Eurobond RestructuringCompleted Oct 2024 with 37% haircutRESOLVED
- China Debt28% of external debt, renegotiation ongoingMEDIUM RISK
- FX RiskCurrency volatility impacts debt servicing costsMEDIUM RISK
- IMF Program$3B Extended Credit Facility ongoingSTABLE
Domestic Debt Key Risks
- Increased Borrowing15.4% rise indicates higher domestic financing needsHIGH RISK
- Banking Exposure65% held by local banks, systemic riskHIGH RISK
- Short-term Bills36.5% in T-bills, rollover pressureHIGH RISK
- Interest Burden18% policy rate drives up costsMEDIUM RISK
- Pension FundsMajor holders, social security impactMEDIUM RISK
Ghana's Debt Restructuring Journey
Key milestones and activities in Ghana's path to debt sustainability
$13 Billion
Eurobond Debt Restructured
$3 Billion
IMF Extended Credit Facility
$5.4 Billion
Bilateral Debt Restructured
85%
Domestic Debt Exchange Participation
Restructuring Timeline
A chronological view of Ghana's debt restructuring activities
Domestic Debt Exchange Announcement
Ghana officially announced a domestic debt exchange program (DDEP) as part of conditions to secure an IMF loan. The government suspended payments on most external debt, including Eurobonds and commercial loans.
PolicyDefault on External Debt Payments
Ghana defaulted on most of its external debt payments after missing the 30-day grace period for a $41 million interest payment on its Eurobond due in 2026.
FinancialDDEP Deadline Extensions
The initial deadline for the DDEP was extended multiple times due to low participation rates.
PolicyAgreement with Domestic Bondholders
Ghana reached an agreement with domestic bondholders on a debt exchange program. The government extended the deadline for its domestic debt exchange, with approximately 85% of eligible bondholders ultimately participating.
NegotiationIMF Staff-Level Agreement
Ghana secured a staff-level agreement with the IMF for a $3 billion Extended Credit Facility.
IMFIMF Loan Approval
The IMF Executive Board approved the $3 billion loan program over three years to help restore macroeconomic stability and debt sustainability.
IMFBilateral Creditors Committee Formation
Ghana formed an official committee of bilateral creditors co-chaired by China and France to negotiate restructuring terms.
NegotiationCommercial Creditor Negotiations
The government launched restructuring negotiations with its commercial creditors including Eurobond holders.
NegotiationSecond IMF Review Announcement
Ghana announced it would seek a second IMF review in November after completing the first review successfully.
IMFOfficial Creditor Financing Assurances
The Official Creditor Committee (OCC) provided Ghana with financing assurances, a crucial step in the IMF program.
FinancialBilateral Debt Deal
Ghana reached a deal in principle with official creditors to restructure $5.4 billion of bilateral debt.
AgreementBondholder Agreement
Ghana announced a tentative agreement with its bondholders to restructure $13 billion of international bonds.
AgreementEurobond Restructuring Completion
Ghana completed negotiations with its Eurobond creditors, restructuring approximately $13 billion in external debt with a 37% haircut.
MilestoneSecond IMF Review
The government completed the second review of the IMF program, with continued implementation of fiscal consolidation measures.
IMFFinal Eurobond Restructuring
Ghana successfully completed the Eurobond restructuring process with creditor participation above 95%, achieving significant debt relief through maturity extensions and NPV reduction.
CompletionMarket Re-entry Preparation
Ghana initiated preliminary discussions with international investors and rating agencies regarding potential market re-entry in 2025.
StrategyThird IMF Review Completion
Ghana successfully completed the third review of its IMF Extended Credit Facility, unlocking additional funding and demonstrating continued progress in fiscal reforms.
IMFDebt Sustainability Milestone
Ghana achieved significant improvement in debt-to-GDP ratio, falling to 55% from 62%, marking a critical milestone in debt sustainability targets under the IMF program.
AchievementCapital Market Re-entry Planning
Ghana announced concrete plans for gradual return to international capital markets in Q4 2025, supported by improved macroeconomic indicators and successful debt restructuring outcomes.
PlanningKey Features of Ghana's Debt Restructuring
Understanding the core components of the restructuring strategy
Domestic Debt Exchange Program (DDEP)
Extended maturities and lowered interest rates on domestic bonds to create fiscal space and ensure debt sustainability. Successfully completed with 85% participation rate.
External Debt Restructuring
Comprehensive restructuring of $13 billion Eurobonds and $5.4 billion bilateral debt, achieving significant NPV reduction and maturity extensions to restore debt sustainability.
IMF Program Support
$3 billion Extended Credit Facility program with comprehensive policy reforms, including fiscal consolidation and structural changes to restore macroeconomic stability.
Fiscal Consolidation Measures
Implementation of comprehensive revenue enhancement and expenditure rationalization measures, including tax reforms and improved public financial management.
Financial Sector Reforms
Strengthening banking sector regulations, improving supervision frameworks, and addressing vulnerabilities to create a more resilient financial system.
Market Re-entry Strategy
Comprehensive planning for gradual return to international capital markets, supported by improved credit ratings and restored investor confidence.
Looking Ahead
Prospects for Ghana's financial future after restructuring
Ghana's comprehensive debt restructuring efforts have yielded significant positive results by mid-2025. The successful completion of both domestic and external debt restructuring has restored debt sustainability, with the debt-to-GDP ratio improving dramatically from 88% to 55%.
The ongoing IMF program has provided crucial support for macroeconomic stabilization, with inflation declining from over 50% to 13.7% and foreign exchange reserves gradually rebuilding. The successful implementation of fiscal reforms has enhanced revenue collection and improved public financial management.
With the completion of major restructuring milestones, Ghana is now positioned for a gradual return to international capital markets in late 2025, marking a significant achievement in the country's economic recovery journey. Continued adherence to fiscal discipline and structural reforms will be essential for maintaining this positive trajectory.
Key Next Steps for 2025
- Complete remaining IMF program reviews and maintain reform momentum
- Strengthen domestic revenue mobilization through improved tax administration
- Enhance public financial management and transparency measures
- Build adequate foreign exchange reserves for market re-entry
- Prepare comprehensive market re-entry strategy for Q4 2025
- Continue structural reforms to support long-term economic growth