Ghana’s Public Debt Climbs by GH¢13.1bn to GH¢733.9bn

Ghana’s total public debt increased by GH¢13.1 billion between May and July 2026, reaching GH¢733.9 billion from GH¢720.8 billion, according to the latest economic and financial data released by the Bank of Ghana in September 2026.

The debt stock, however, recorded a slight decline in June, falling to GH¢719.5 billion before rising significantly the following month to GH¢733.9 billion.

In US dollar terms, the country’s public debt moved from US$61.5 billion in May to US$63.4 billion in June, before easing to US$62.8 billion in July.

The increase in the overall debt stock was largely driven by domestic borrowing.

Domestic debt rose from GH¢379.1 billion in May to GH¢396.7 billion by July, representing an increase of GH¢17.6 billion within the two-month period.

External debt, meanwhile, remained relatively stable in dollar terms, recording a marginal decline from US$28.9 billion in May to US$28.8 billion in July.

When converted into Ghana cedis, external debt fell from approximately GH¢341.7 billion to GH¢337.2 billion over the same period.

The figures indicate that the recent rise in Ghana’s total public debt was mainly attributable to an increase in domestic debt, while the external debt component recorded a marginal reduction.

The latest data puts Ghana’s total public debt at approximately 45.9% of Gross Domestic Product (GDP), with domestic debt accounting for about 24.8% of GDP.

The movement in the debt stock comes as government continues to manage its fiscal obligations while seeking to contain the pace of further debt accumulation.

Attention will now be focused on whether the rise in domestic borrowing represents a temporary financing requirement or points to renewed pressure on government’s financing needs.

By: Paulina Armah/Radio1.