Ghana Government Debt to GDP
General government gross debt as % of GDP GGXWDG_NGDP
Ghana's government debt to gdp was 59.08% in 2025, ranked 79th globally. This represents a 16.0% decrease from 2024. Data from IMF WEO, covering 1990–2025.
Overview
Ghana's government debt to gdp stood at 59.08% in 2025, a decline of +11.27% from 2024. The IMF projects 59.08% by 2025. Ghana ranked 79th globally.
Ghana’s government debt‑to‑GDP ratio has risen sharply from a low of 17.79 % in 1990 to an all‑time peak of 92.72 % in 2022, before easing to 59.08 % in 2025, placing the country 79th globally. The trough of 17.29 % recorded in 2006 marked a period of fiscal consolidation that was later undone by expansive fiscal policies and external shocks, notably the pandemic‑induced slowdown and commodity price volatility. The 2025 figure is closely aligned with peers such as Jamaica (59.23 %), Colombia (58.87 %) and the Slovak Republic (59.58 %), suggesting that Ghana now operates within a similar debt burden range as other emerging economies confronting fiscal tightening. Over the 36‑year series, the upward trajectory since the mid‑2000s reflects structural deficits and rising public spending, while the recent moderation hints at tighter fiscal discipline. Continued improvement will depend on sustaining revenue growth, curbing expenditures and maintaining access to external financing, which could further lower the debt ratio in the medium term.
Data & projection
| Year | Government Debt to GDP | YoY change | Rank |
|---|---|---|---|
| 2030* IMF | 47.58% | - | - |
| 2029* IMF | 49.26% | - | - |
| 2028* IMF | 51.32% | - | - |
| 2027* IMF | 53.67% | - | - |
| 2026* IMF | 56.07% | - | - |
| 2025* IMF | 59.08% | - | - |
| 2025 | 59.08% | −11.27% | #79 |
| 2024 | 70.35% | −8.74% | #134 |
| 2023 | 79.09% | −13.63% | #145 |
| 2022 | 92.72% | +5.85% | #161 |
| 2021 | 86.88% | +7.79% | #153 |
| 2020 | 79.09% | +16.16% | #137 |
| 2019 | 62.93% | +0.95% | #133 |
| 2018 | 61.98% | +4.99% | #132 |
| 2017 | 56.98% | +1.04% | #121 |
| 2016 | 55.94% | +2.05% | #116 |
| 2015 | 53.90% | +3.79% | #120 |
| 2014 | 50.11% | +7.18% | #121 |
| 2013 | 42.93% | +7.46% | #109 |
| 2012 | 35.47% | +4.25% | #91 |
| 2011 | 31.22% | −1.70% | #72 |
Detected Pattern
Analysis
Ghana matched the Currency Crisis Pattern pattern in 2023. Historically, 27% of countries showing this pattern (35 out of 128) saw government debt to gdp improve within 24 months. View full analysis →
Frequently Asked Questions
Ghana's government debt to gdp was 59.08% in 2025. Ranked 79th globally. This represents a 16.0% decrease from the previous year.
Ghana's government debt to gdp peaked at 92.72% in 2022.
The lowest government debt to gdp in Ghana was 17.29% in 2006.
Ghana ranks 79th globally in government debt to gdp as of 2025.
The World Bank indicator code is GGXWDG_NGDP. Data sourced from IMF WEO.
Ghana's government debt to gdp is projected to reach 59.08% by 2025 based on IMF projection.
The government debt to gdp of Ghana in 2025 was 59.08%. This ranks 79th in the world.
Cite this page
@misc{historysaid_ghana_government-debt-to-gdp,
title = {Ghana Government Debt to GDP},
url = {https://historysaid.com/ghana/government-debt-to-gdp/},
publisher = {HistorySaid},
year = {2026}
}