External Debt Falls By $2.89bn

Ghana’s external debt declined by US$2.89 billion over the reporting period, while inflation returned to single digit and international reserves recorded a significant increase, according to the Bank of Ghana Quarterly Statistical Bulletin, Quarter Three, 2025.

Data contained in the bulletin show that external debt stood at US$32.11 billion in September 2024 and declined to US$29.22 billion by September 2025, representing a net reduction of US$2.89 billion over the twelve-month period.

Within the year, the debt stock fell to US$28.02 billion in November 2024, before rising gradually in subsequent months to reach the September 2025 level.

Inflation Falls to Single Digit

The bulletin also indicates a significant easing in inflation over the same period.

Headline inflation, which exceeded 23 percent at the end of 2024, declined steadily to 9.42 percent in September 2025. Core inflation, which excludes energy and utility components, also fell to 8.83 percent.

The data show a consistent downward trend in price levels throughout the reporting period.

Money Supply Growth Moderates

Monetary aggregates recorded slower growth compared to late 2024 levels. Broad money (M2), which had expanded at rates above 40 percent, moderated to approximately 21 percent year-on-year by September 2025.

Total liquidity (M2 ) growth also declined during the period under review.

Private sector credit growth, which slowed earlier in the reporting period, showed gradual recovery toward the third quarter of 2025.

Gross International Reserves Rise to $11.6bn

Ghana’s gross international reserves increased from approximately US$7.8 billion in late 2024 to US$11.6 billion by September 2025, according to the bulletin. Import cover improved to nearly five months over the same period.

The central bank’s gold holdings also increased, rising from about 27 tonnes to 37 tonnes. The data further show that global gold prices remained elevated during the period.

Trade Surplus Sustained

The external sector recorded sustained trade surpluses throughout the reporting period.

By September 2025, exports stood at approximately US$2.58 billion, while imports were about US$1.61 billion, resulting in a positive trade balance.

Export earnings, particularly from gold, contributed to reserve accumulation during the period.

Economic Activity Expands

The Composite Index of Economic Activity recorded year-on-year growth of approximately 9.6 percent by September 2025, compared to the same period in 2024.

The index tracks developments across key sectors of the economy and reflects changes in overall output.

Banking Sector Indicators

The bulletin also shows growth in private sector deposits over the reporting period, with total deposits increasing compared to the previous year. Paid-up capital and reserves of banks also recorded increases.

 

 

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