Ghana’s economy stood at GHc1.020 trillion cedis as of Nov 2024 - BoG

By: Nii Ammui Fio | 2 mins read

As of November 2024, Ghana’s economy was valued at GH¢1.020 trillion, according to the latest data released by the Bank of Ghana in its January 2025 Summary of Financial and Economic Data.

Despite the challenges posed by high debt levels and fiscal deficits, the country’s economy has continued to evolve through these turbulent times.

The total public debt saw a reduction of GH¢24.1 billion month-on-month, reaching GH¢761.0 billion in November 2024. This decrease was mainly driven by the successful restructuring of Ghana’s external debt, which resulted in a significant reduction in the external debt portion of the total debt.

In dollar terms, Ghana’s total public debt was estimated at US$47.9 billion in November 2024, down from US$51.6 billion recorded in the same period of 2023. This reduction is notable, with total debt now comprising 72.2% of the country’s Gross Domestic Product (GDP).

The external debt, in particular, decreased to US$27.6 billion in November 2024, compared to US$30 billion in the previous year. The country had seen an even higher external debt burden in September and October 2024, with figures standing at US$32.0 billion during both months.

However, domestic debt saw an increase, rising to GH¢311.7 billion, or roughly 30.5% of GDP. This was largely a result of the government’s continued reliance on borrowing from the treasury market, with domestic debt standing at GH¢275.8 billion in February 2024.

While data on the government’s fiscal operations between August 2024 and December 2024 was unavailable, the fiscal deficit to GDP stood at 3.9% as of July 2024, while the primary balance was in deficit by 1.8% of GDP during the same period.

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