Over the course of three months, Ghana’s entire public debt stock rose by GH¢46.7 billion.
According to the Bank of Ghana’s most recent Summary of Economic and Financial Data for July 2026, the nation’s overall debt increased from GH¢674.1 billion in February 2026 to GH¢720.8 billion by May 2026.
Over the course of the period, the data shows a consistent rising tendency.
In March, the debt stock surged to GH¢686.1 billion; in April, it increased to GH¢695.9 billion; and in May, it reached GH¢720.8 billion.
As the government deals with funding needs and pressures to assist economic recovery while fulfilling fiscal obligations, the increase amounts to a total rise of around 7% over the course of three months.
However, when expressed in monetary terms, the picture takes on a different appearance.
Due in large part to the cedi’s rise versus major international currencies during that time, Ghana’s overall public debt decreased from US$63.2 billion in February to US$61.5 billion in May.
The nation’s debt load in relation to the size of the GDP grew despite the dollar fall.
The debt-to-GDP ratio increased from 42.2% in February to 45.1% in May, showing that during that time, public debt increased more quickly than economic activity.
Additionally, according to data from the Bank of Ghana, external debt rose from GH¢313.6 billion in February to GH¢341.7 billion in May, or 21.4% of GDP.
As the government relied more on the local financial sector to finance its budget and refinance maturing liabilities, domestic debt also continued to rise, reaching GH¢379.1 billion in May.
23.7% of GDP was made up of domestic debt.
As the country continues to carry out reforms under its IMF-backed economic program and strives to maintain macroeconomic stability, the rate of debt buildup will continue to be monitored.
The government paid off a US$700 million Eurobond debt in full earlier this month, ahead of schedule.
The payment, which included US$525.2 million in principal repayments and US$174.8 million in interest payments, was finished on Thursday, July 2, 2026, according to the Ministry of Finance.
With the most recent settlement, Ghana’s total payments to Eurobond holders under the Eurobond Debt Exchange Program have reached US$2.1 billion since January 2025.
According to the Ministry, the reimbursement was carried out without unduly straining the nation’s foreign exchange reserves and was funded by pre-arranged funding sources.
Source: newsthemegh.com