Ghana recorded a Government Debt to GDP of 70.50 percent of the country's Gross Domestic Product in 2024. This dataset provides the latest reported value for - Ghana Government Debt to GDP - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

The ratio of national debt to gross domestic product (GDP) of Ghana was estimated at approximately 70.51 percent in 2024. Between 1990 and 2024, the ratio rose by around 52.72 percentage points, though the increase followed an uneven trajectory rather than a consistent upward trend. The ratio is expected to drop by about 18.55 percentage points between 2024 and 2030, showing a continuous downward movement throughout the period.The general government gross debt consists of all liabilities that require payment or payments of interest and/or principal by the debtor to the creditor at a date or dates in the future. Here it is depicted in relation to the country's GDP, which refers to the total value of goods and services produced during a year.

Ghana: Government debt as percent of GDP: The latest value from 2023 is 82.94 percent, a decline from 92.69 percent in 2022. In comparison, the world average is 61.85 percent, based on data from 137 countries. Historically, the average for Ghana from 1990 to 2023 is 47.77 percent. The minimum value, 18.51 percent, was reached in 2006 while the maximum of 92.69 percent was recorded in 2022.

Key information about Ghana External Debt: % of GDP

• Ghana External Debt accounted for 37.4 % of the country's Nominal GDP in 2023, compared with the ratio of 39.1 % in the previous year.
• Ghana External Debt: % of Nominal GDP data is updated yearly, available from Dec 1999 to Dec 2023.
• The data reached an all-time high of 121.7 % in Dec 2000 and a record low of 7.0 % in Dec 2006.

CEIC calculates External Debt as % of Nominal GDP from annual External Debt and quarterly Nominal GDP. The Bank of Ghana provides External Debt in USD based on BPM5. Ghana Statistical Service provides Nominal GDP in local currency based on SNA 2008. The Bank of Ghana average market exchange rate is used for currency conversions. External Debt figures only include Public debt. External Debt as % of Nominal GDP prior to 2006 is calculated from Nominal GDP sourced from the World Bank.


Related information about Ghana External Debt: % of GDP

• In the latest reports of Ghana, Current Account recorded a surplus of 1.4 USD bn in Dec 2024.
• Foreign Direct Investment (FDI) increased by 380.3 USD mn in Mar 2024.
• Ghana Direct Investment Abroad fell by 4.7 USD mn in Mar 2024.
• Its Foreign Portfolio Investment fell by 308.1 USD mn in Dec 2021.
• The country's External Debt reached 27,908.7 in Oct 2024.
• The country's Nominal GDP was reported at 21.2 USD bn in Dec 2024.

External debt stocks, total (DOD, current US$) in Ghana was reported at 43741980956 USD in 2023, according to the World Bank collection of development indicators, compiled from officially recognized sources. Ghana - External debt stocks, total (DOD, current US$) - actual values, historical data, forecasts and projections were sourced from the World Bank on June of 2025.

Key information about Ghana External Debt

• Ghana External Debt reached 27.9 USD bn in Oct 2024, compared with 32.0 USD bn in the previous month.
• Ghana External Debt: USD mn data is updated monthly, available from Jan 2012 to Oct 2024.
• The data reached an all-time high of 32.0 USD bn in Sep 2024 and a record low of 7.5 USD bn in Aug 2012.

The Bank of Ghana provides monthly External Debt in USD. External Debt covers Public sector only.


Related information about Ghana External Debt

• In the latest reports of Ghana, Current Account recorded a surplus of 998.5 USD mn in Jun 2024.
• Foreign Direct Investment (FDI) increased by 380.3 USD mn in Mar 2024.
• Ghana Direct Investment Abroad fell by 4.7 USD mn in Mar 2024.
• Its Foreign Portfolio Investment fell by 308.1 USD mn in Dec 2021.
• The country's Nominal GDP was reported at 17.8 USD bn in Sep 2024.

Key information about Ghana Private Debt: % of Nominal GDP

• Ghana Private Debt accounted for 8.26 % of its Nominal GDP in Sep 2024, compared with a ratio of 9.19 % in the previous quarter
• Ghana Private Debt contribution to Nominal GDP ratio is updated quarterly, available from Dec 2006 to Sep 2024, with an average share of 12.48 %
• The data reached an all-time high of 17.38 % in Jun 2015 and a record low of 7.27 % in Dec 2006

CEIC calculates quarterly Private Debt as % of Nominal GDP from quarterly Private Debt and quarterly Nominal GDP. The International Monetary Fund provides Private Debt in local currency. Ghana Statistical Service provides Nominal GDP in local currency.

Debt service on external debt, total (TDS, current US$) in Ghana was reported at 1293115436 USD in 2023, according to the World Bank collection of development indicators, compiled from officially recognized sources. Ghana - Debt service on external debt, total (TDS, current US$) - actual values, historical data, forecasts and projections were sourced from the World Bank on May of 2025.

Debt service on external debt, public and publicly guaranteed (PPG) (TDS, current US$) in Ghana was reported at 536650504 USD in 2023, according to the World Bank collection of development indicators, compiled from officially recognized sources. Ghana - Debt service on external debt, public and publicly guaranteed (PPG) (TDS, current US$) - actual values, historical data, forecasts and projections were sourced from the World Bank on June of 2025.

Ghana GH: External Debt: TDS: OPS: Commercial Banks data was reported at 2.126 USD mn in 2025. This records a decrease from the previous number of 36.208 USD mn for 2024. Ghana GH: External Debt: TDS: OPS: Commercial Banks data is updated yearly, averaging 5.585 USD mn from Dec 1972 (Median) to 2025, with 30 observations. The data reached an all-time high of 36.208 USD mn in 2024 and a record low of 0.839 USD mn in 1978. Ghana GH: External Debt: TDS: OPS: Commercial Banks data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s Ghana – Table GH.World Bank.IDS: External Debt: Debt Outstanding, Debt Ratio and Debt Service: Annual. Other public sector commercial bank loans from private banks and other private financial institutions. Debt service payments are the sum of principal repayments and interest payments actually made in the year specified. Data are in current U.S. dollars.

External debt stocks, long-term (DOD, current US$) in Ghana was reported at 36353558558 USD in 2023, according to the World Bank collection of development indicators, compiled from officially recognized sources. Ghana - External debt stocks, long-term (DOD, current US$) - actual values, historical data, forecasts and projections were sourced from the World Bank on May of 2025.

Graph and download economic data for Net Issues of International Debt Securities for Issuers in General Government Sector, All Maturities, Residence of Issuer in Ghana (IDSGAMRINIGH) from Q4 2007 to Q4 2024 about Ghana, issues, sector, maturity, debt, residents, securities, Net, and government.

Present value of external debt (current US$) in Ghana was reported at 29240959315 USD in 2023, according to the World Bank collection of development indicators, compiled from officially recognized sources. Ghana - Present value of external debt - actual values, historical data, forecasts and projections were sourced from the World Bank on June of 2025.

Ghana GH: External Debt: INT: OPS: Private Creditors data was reported at 0.060 USD mn in 2025. This records a decrease from the previous number of 0.298 USD mn for 2024. Ghana GH: External Debt: INT: OPS: Private Creditors data is updated yearly, averaging 0.742 USD mn from Dec 1970 (Median) to 2025, with 55 observations. The data reached an all-time high of 4.279 USD mn in 1971 and a record low of 0.003 USD mn in 2002. Ghana GH: External Debt: INT: OPS: Private Creditors data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s Ghana – Table GH.World Bank.IDS: External Debt: Disbursements and Interest Payment: Annual. Other public sector debt from private creditors include bonds that are either publicly issued or privately placed; commercial bank loans from private banks and other private financial institutions; and other private credits from manufacturers, exporters, and other suppliers of goods, and bank credits covered by a guarantee of an export credit agency. Interest payments are actual amounts of interest paid by the borrower in currency, goods, or services in the year specified. Data are in current U.S. dollars.

Ghana GH: External Debt: AMT: OPS: Private Creditors data was reported at 2.067 USD mn in 2025. This records a decrease from the previous number of 35.910 USD mn for 2024. Ghana GH: External Debt: AMT: OPS: Private Creditors data is updated yearly, averaging 2.640 USD mn from Dec 1970 (Median) to 2025, with 55 observations. The data reached an all-time high of 35.910 USD mn in 2024 and a record low of 0.008 USD mn in 2002. Ghana GH: External Debt: AMT: OPS: Private Creditors data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s Ghana – Table GH.World Bank.IDS: External Debt: Amortization: Annual. Other public sector debt from private creditors include bonds that are either publicly issued or privately placed; commercial bank loans from private banks and other private financial institutions; and other private credits from manufacturers, exporters, and other suppliers of goods, and bank credits covered by a guarantee of an export credit agency. Principal repayments are actual amounts of principal (amortization) paid by the borrower in currency, goods, or services in the year specified. Data are in current U.S. dollars.

External debt stocks, public and publicly guaranteed (PPG) (DOD, current US$) in Ghana was reported at 28538104558 USD in 2023, according to the World Bank collection of development indicators, compiled from officially recognized sources. Ghana - External debt stocks, public and publicly guaranteed (PPG) (DOD, current US$) - actual values, historical data, forecasts and projections were sourced from the World Bank on June of 2025.

In 2021, the inflation rate in Ghana amounted to about 9.98 percent compared to the previous year. Ghana’s inflation peaked at almost 17.5 percent in 2016 and is predicted to decrease to 8 percent by 2030. Steady is best for inflationAccording to economists, a steady inflation rate between two and three percent is desirable to achieve a stable economy in a country. Inflation is the increase in the price level of consumer goods and services over a certain time period. A high inflation rate is often caused by excessive money supply and can turn into hyperinflation, i.e. if inflation occurs too quickly and rapidly, it can devalue currency and cause a recession and even economic collapse. This scenario is currently taking place in Venezuela , for example. The opposite of inflation, the decrease in the price level of goods and services below zero percent, is called deflation. While hyperinflation devalues money, deflation usually increases its value. Both events can damage an economy severely. Is Ghana’s economy at risk?Ghana’s economy is considered quite stable and fast-growing, and is rich in oil, diamonds, and gold. After struggling in the years around 2015 due to increased government spending and plummeting oil prices, it is now on an upswing again. This is also reflected in the decreasing inflation rate, and other key indicators like unemployment and rapid GDP growth support this theory. However, Ghana’s government debt is still struggling with the consequences of the 2015 crisis and forecast to keep skyrocketing during the next few years.

Multilateral debt service (TDS, current US$) in Ghana was reported at 286793333 USD in 2023, according to the World Bank collection of development indicators, compiled from officially recognized sources. Ghana - Multilateral debt service (TDS, current US$) - actual values, historical data, forecasts and projections were sourced from the World Bank on June of 2025.