Ghana reduced its public debt by GH¢113.7 billion ($9.4 billion) in the first half of 2025, cutting the debt-to-GDP ratio from 61.8% to 43.8%.
Finance Ministry data show negative debt accumulation (-15.6%) for the first time in Ghana’s history, driven by fiscal consolidation and cedi appreciation. Foreign debt’s share of total liabilities fell from 57.4% to 49%.
The government secured Parliamentary approval for bilateral debt terms under the G-20 Common Framework, with agreements expected with four creditor nations by July’s end. Domestic bondholders received GH¢9.8 billion in coupon payments, while Eurobond holders got $700 million. A sinking fund will target 2026–2028 debt maturities, including GH¢116 billion in domestic obligations and $3.73 billion in Eurobonds.
The IMF’s July review noted “bold corrective actions” by the Mahama administration to stabilize the program. Debt relief from restructuring and lower Treasury bill rates saved GH¢4.9 billion in domestic interest costs.
