Ghana’s debt-to-GDP ratio is projected to dip below 60% by the end of 2025, according to the African Development Bank’s (AfDB) 2025 Economic Outlook. This marks a slight improvement from the 61.8% recorded in 2024.
The Bank of Ghana’s May 2025 summary puts the current debt-to-GDP ratio at 55%. That’s up from 53.7% in January and 54.9% in February. Ghana’s total public debt is now estimated at GH¢769.4 billion, or roughly $49.5 billion.
Across the continent, the AfDB noted that 15 African economies have seen their debt ratios fall below pre-pandemic levels. This trend is attributed to strict fiscal consolidation measures designed to create room for investment in key development areas.
Angola led with the steepest decline, its debt-to-GDP ratio dropped by 42.1 percentage points in 2024. São Tomé and Príncipe followed closely with a 40-point drop.
Debt Crisis Risks Remain Low but Present
The AfDB stressed that while Africa has avoided a systemic debt crisis, risks remain. High global interest rates and weak local currencies continue to elevate debt service costs.
Despite government efforts to control spending, persistent primary deficits, rising interest payments, and slow GDP growth continue to drive debt levels in several African nations.
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