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Ghana’s Debt-to-GDP Ratio Falls to IMF Threshold Ahead of Schedule
May 26, 2025
Ghana’s debt-to-GDP dropped to 55% as of March 2025 from 61.8% as of end-2024, according to the Bank of Ghana. Thus, Ghana has reached the IMF’s $3bn debt requirement target three years ahead of schedule. This comes following the government’s successful fiscal consolidation efforts under the new regime of President John Mahama. Ghana’s Q1 budget deficit narrowed to 1% of GDP vs 2.2% last year, and it even recorded a surplus of 0.3% of GDP vs a 1% deficit last year. In December 2022, Ghana had suspended payments on its eurobonds and other external loans after its public debt exceeded 90% of GDP. This came in the aftermath of a currency depreciation, the Covid pandemic, alongside the Russia-Ukraine war that saw the nation get shut out from international capital markets. In May 2023, IMF approved a $3bn loan under the Extended Credit Facility (ECF) arrangement. This bailout came with strict targets on debt sustainability and fiscal consolidation.
Ghana’s 5% 2029s are trading stable at 89.98, yielding 10.08%. Ghana’s dollar bonds have seen a solid rally since April – for instance, the above mentioned bond has rallied from a low of 79 cents on the dollar and is up by 14%.
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