We’ve reduced Ghana’s debt by GH¢113bn in six months – Finance Minister Ato Forson
Ghana’s total public debt has declined by GH¢113.7 billion within the first half of 2025, a development attributed to improved fiscal measures, currency appreciation, and ongoing debt restructuring efforts.
Finance Minister Dr Cassiel Ato Forson disclosed this to Parliament on Thursday, July 24, 2025, during the presentation of the 2025 Mid-Year Budget Review.
He said the country’s public debt dropped from GH¢726.7 billion at the end of December 2024 to GH¢613 billion by June 2025.
“For the first time in Ghana’s history, there is a negative 15.6 per cent rate of debt accumulation,” Dr Forson said.
He added that the public debt-to-GDP ratio had also declined from 61.8 per cent to 43.8 per cent within the same period an 18 percentage point drop over six months.
According to the Finance Minister, the improvement reflects the effects of a stronger cedi, reduced borrowing, and strict fiscal control under the ongoing International Monetary Fund (IMF) programme.
He further reported that the share of external debt in total public debt had fallen from 57.4 per cent in December 2024 to 49 per cent by mid-2025.
“These results show that our reforms are working. Ghana’s debt is no longer on an unsustainable path,” Dr Forson told the House.
He said the government would continue to prioritise prudent financial management, domestic revenue mobilisation, and efforts to address leakages in public spending.
He also cited ongoing reforms in public procurement and expenditure monitoring as part of a broader strategy to safeguard the gains made.
While the reduction in public debt marks a reversal in Ghana’s recent economic trend, Dr Forson acknowledged that public sentiment would depend on how the numbers translate into improved services and economic relief for households and businesses.
“We are determined to do better. Ghana indeed deserves better than a B-minus,” he said, in reference to the country’s recent credit rating upgrade by Fitch.
