Deloitte urges caution as Ghana eyes return to international capital market
Deloitte Ghana has advised the government to exercise restraint in returning to the international capital market, despite the favourable rebound of the economy.
According to the research and advisory firm, the government must learn from historical mistakes to avoid plunging the economy into debt, as was seen in 2022.
Here’s how much banks are charging you on loans
Ghana’s economy has received upgrades from international rating agencies following its strong macroeconomic performance in the last six months of 2025.
Quoted by myjoyonline, Deloitte said, “Reliance on foreign debts must be moderated, with inflows strictly channelled into strategic capital investments that can adequately support repayment of such loans.”
Deloitte also noted that the decline in the debt-to-GDP ratio (from 78.5% as of December 2021 to 43.8% as of June 2025) reflects an improvement in debt sustainability and major progress towards the medium-term target debt-to-GDP ratio of 55% by 2028, as agreed with the International Monetary Fund.
Dr Kwabena Donkor leads 7-member Ghana Amalgamated Trust board
Ghana’s total public debt reduced by GH¢113.7 billion as of June 2025, representing a 15.6% reduction from GH¢726.7 billion at the end of December 2024 to GH¢613 billion in June 2025.
The decline was largely attributed to the appreciation of the local currency against the dollar and the government’s finalisation of the debt restructuring programme.
The gross public debt as a percentage of Gross Domestic Product (GDP) stood at 70.6% in June 2024, as compared to 43.8% as of June 2025.
It added that, “the improvement in debt sustainability is expected to induce improved ratings from other international credit rating agencies such as S&P and Moody’s, which, in turn, will drive up investor confidence in Ghana’s economy.”
It, however, lauded the government’s commitment to debt sustainability by establishing cash buffers, especially the sinking fund.
“We recommend that the government accelerate efforts in this regard and provide regular updates on the fund’s position in order to enhance investor confidence,” it advised.
SSD/EB