EVERY GHANAIAN NOW OWES GH¢ 19,560 — As Public Debt Hits GH¢ 684.6 BN

Ghana’s public debt has surged to GH¢ 684.6 billion as of September 2025. 

If one divides this debt equally among the country’s population, the result is that each Ghanaian “owes” about GH¢ 19,560. 

📈 Key Figures & Context

The rise to GH¢ 684.6 bn marks an increase of GH¢ 71.6 bn from the previous quarter.  In U.S. dollar terms, this debt is approximately US $55.1 billion.  As of September 2025, the debt represents about 48.9% of Ghana’s GDP. 

🔎 What the “Per-Citizen Debt” Means — And What It Doesn’t

The “GH¢ 19,560 per citizen” figure is a theoretical average, calculated by dividing total national debt by the total population.  This number does not reflect actual liability of every single Ghanaian (e.g. children, elderly, unemployed) — rather, it’s a statistical representation of burden per person if the debt were to be equally distributed. The per-person measure is often used to help the public visualise the scale of national debt — but it doesn’t imply that every citizen will be taxed individually for that exact amount.

⚠️ Underlying Factors & Considerations

The increase has been driven largely by a spike in external debt during the third quarter of 2025.  The external debt component rose sharply, even though longer-term data shows significant reduction in external debt over longer periods.  Domestic debt has remained relatively stable, with only modest increases in the same period.  Despite the rise, authorities cite that headline debt remains lower than some previously reported peaks — but the per-capita framing underscores the widening debt burden on society.

📰 What It Means for Ghana — And the People

The headline per-citizen figure often resonates emotionally: it emphasises that each Ghanaian, in effect, carries part of the national debt burden. For the government, this serves as a pressure point: increasing public debt may raise public scrutiny, demand for accountability, and calls for fiscal prudence. For citizens — even if only symbolic — the number may influence perceptions of economic sustainability, inflation, public services, and future taxation or austerity measures. It could also affect investor confidence, currency valuation (the cedi), and future borrowing costs for Ghana.