Ghana’s public debt rises to GH¢733.9bn as domestic borrowing drives increase

Ghana’s public debt stock increased by GH¢13.1 billion between May and July 2026, rising from GH¢720.8 billion to GH¢733.9 billion, with the latest increase driven largely by a rise in domestic debt.

The Bank of Ghana’s September 2026 economic and financial data show that total public debt fell marginally to GH¢719.5 billion in June before climbing to GH¢733.9 billion in July.

The July figure represents 45.9% of GDP, compared with 45.1% in May and 45.0% in June.

The domestic component accounted for most of the increase, rising from GH¢379.1 billion in May to GH¢396.7 billion in July. That represents an increase of GH¢17.6 billion over the two months and puts domestic debt at about 24.8% of GDP.

External debt moved in the opposite direction. In dollar terms, it declined from US$28.9 billion in May to US$28.8 billion in July, while its cedi value fell from approximately GH¢341.7 billion to GH¢337.2 billion.

The dollar value of total public debt, meanwhile, 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 latest movement continues a broader rise in the debt stock during 2026. Total public debt stood at GH¢663.4 billion in January and increased progressively to GH¢695.9 billion in April, GH¢720.8 billion in May and GH¢733.9 billion in July.

The Bank of Ghana had earlier attributed the increase in debt during the first half of the year largely to domestic borrowing aimed at strengthening fiscal buffers and meeting future debt-service obligations.

By the end of June, domestic debt accounted for 54.4% of the total public debt stock, compared with 45.6% for external debt.

The latest figures therefore shift attention towards the pace and composition of domestic borrowing. While the data show a clear increase in domestic debt, they do not by themselves establish whether the recent rise represents temporary financing needs or a sustained increase in government borrowing requirements.

That distinction will be important for assessing the trajectory of the debt stock, particularly alongside economic growth, government revenue and future debt-service obligations.

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