Ghana is restructuring the composition of its external debt to favour lower-cost and more stable financing sources, with multilateral and bilateral creditors now accounting for a growing share of the country’s borrowing as of the third quarter of 2025.
Figures from the Bank of Ghana’s Statistical Bulletin show that although Ghana’s total external debt rose to about $29.53 billion in September 2025, the structure of the debt has shifted markedly from the pre-restructuring profile recorded in the same period of 2022, when external debt stood at $28.41 billion.
The change reflects the impact of the government’s debt restructuring programme and a deliberate policy shift away from high-interest commercial borrowing toward concessional financing aimed at easing debt servicing pressures and improving long-term sustainability.
According to the bulletin, the government’s approach is anchored in reducing interest rate exposure and refinancing risks within the public debt portfolio.
“This is reflected in the significant increase in multilateral debt,” the report said, noting that obligations to multilateral institutions rose from $7.76 billion in 2022 to $12.18 billion by the third quarter of 2025.
Bilateral debt also recorded a sharp increase over the period, rising from $1.19 billion to $5.74 billion. The expansion followed the signing of a Memorandum of Understanding with Ghana’s Official Creditor Committee in early 2025, which helped unlock additional bilateral financing under improved terms.
At the same time, Ghana’s exposure to international capital markets and other commercial creditors declined, signalling a retreat from more expensive and volatile borrowing sources.
Debt owed to commercial creditors fell from $3.90 billion in 2022 to $2.71 billion in 2025, while liabilities related to Eurobonds and other capital market instruments dropped from $13.10 billion to $8.90 billion.
The reduction in capital market debt reflects the completion of Ghana’s $13.1 billion Eurobond restructuring in late 2024, which significantly reshaped the country’s external debt obligations.
The Bank of Ghana data suggests that Ghana’s evolving debt profile is increasingly aligned with concessional and semi-concessional financing, a move analysts say could provide fiscal breathing space as the country works to stabilise its economy and restore investor confidence.
