The International Monetary Fund (IMF) projects Ghana’s debt-to-GDP ratio will climb to 59.1% by the end of 2025, slightly below the government’s 60% target, as detailed in the October 2025 Fiscal Monitor Report released during the Annual IMF/World Bank Meetings.
The forecast, based on a post-debt restructuring scenario, anticipates a downward trajectory: 56.1% in 2026, 53.7% in 2027, and 51.3% in 2028—surpassing the 55% sustainability goal under the Extended Credit Facility (ECF) program.
As of July 2025, Ghana’s debt stood at GH¢628.8 billion, or 44.9% of GDP, per Bank of Ghana data, with analysts anticipating a rise due to spending or economic contraction, though restructuring could mitigate it.
The IMF, in a Fiscal Monitor briefing, urged Ghana to bolster Public Financial Management (PFM) systems, enhance tax administration, and broaden VAT compliance to create fiscal space for priority spending, warning of risks from global commodity prices. Deputy Division Chief Davide Furceri highlighted revenue mobilization as key to avoiding future crises.
Finance Minister Dr. Cassiel Ato Forson welcomed the projection, noting bilateral debt restructurings with six partners and ongoing commercial negotiations. The 2025–2028 debt strategy, per the Public Financial Management (PFM) Act, prioritizes a balanced financing mix for sustainability.
