Accra, July 22, 2026
Parliament on Wednesday adopted the Committee Report on the Annual Public Debt Management Report for the 2025 Financial Year, with MPs across the aisle welcoming a reduction in Ghana’s debt stock but raising concerns over sustainability and transparency.
According to the report, Ghana’s public debt fell from GHS 726.8 billion at the end of 2024 to GHS 641.1 billion in 2025. In dollar terms, the debt stood at about $61.3 billion, bringing the debt-to-GDP ratio down to 44%.
What Drove the Reduction
The Committee Chairman, Dr. Eric Afful attributed the decline to three main factors: cedi appreciation, debt restructuring, and fiscal consolidation.
MPs noted that the cedi appreciated by 40.7% in 2025, while gross international reserves improved from $9.1 billion to $13.8 billion, representing 5.7 months of import cover. Inflation also improved significantly over the period.
Credit rating agencies also upgraded Ghana in 2025. Fitch moved Ghana from RD to B- with stable outlook, Moody’s from CAA2 to CAA1, and S&P from SD to CCC+. Majority MPs said this signaled restored investor confidence.
MPs Clash Over Credit and Causes
While Majority MPs credited government discipline and the “reset agenda” for the gains, Minority MPs argued the reduction was largely driven by external factors and policies initiated by the previous administration.
Hon. Isaac Boamah-Nyarko, MP for Effia Constituency, said credit must go to the debt restructuring program launched in December 2022 under Dr. Mahamudu Bawumia, which he said laid the foundation for today’s stability.
Hon. Dr. Stephen Amoah, MP for Nhyiaeso, acknowledged the current government had “continued the good work” but warned there was no clear plan for resilience against future shocks. He also questioned new borrowing to fund programs like Free SHS and the “Big Push”.
Hon. Tia Kabiru cautioned that the 43% cedi appreciation was not due to policy but external factors. He noted that an 8% depreciation year-to-date had already added GHS 47 billion back to the debt stock.
Hon. Richard Acheampong welcomed the debt-to-GDP drop from over 100% to 44.7% and praised fiscal discipline measures like commitment authorization. He, however, acknowledged concerns about those affected by the Domestic Debt Exchange Program.
Source: Clement Akoloh||parliamentnews360.com
