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, according to the latest economic and financial data released by the Bank of Ghana (BoG) in September 2026.
The latest figures highlight continued developments in Ghana’s public debt, government borrowing and fiscal position, with domestic borrowing accounting for much of the increase recorded during the period.
Ghana Public Debt Records Sharp Increase in July
The country’s total public debt declined slightly in June 2026 to GH¢719.5 billion, compared with GH¢720.8 billion in May. However, the debt stock increased significantly in July, reaching GH¢733.9 billion.
In US dollar terms, Ghana’s public debt moved from approximately US$61.5 billion in May to US$63.4 billion in June, before declining slightly to US$62.8 billion in July.
The figures indicate that fluctuations in the exchange rate and changes in the composition of government debt continue to influence Ghana’s overall debt position.
Domestic Debt Drives Increase in Public Debt
The latest Bank of Ghana debt data show that domestic borrowing was the main contributor to the increase in Ghana’s public debt.
Domestic debt rose from GH¢379.1 billion in May to GH¢396.7 billion in July 2026, representing an increase of GH¢17.6 billion over the two-month period.
The increase in domestic debt highlights the role of the local financial market in financing government expenditure and meeting fiscal obligations.
External Debt Records Marginal Decline
Ghana’s external debt, meanwhile, recorded a marginal decline in dollar terms.
External debt fell from approximately US$28.9 billion in May to US$28.8 billion in July. In Ghana cedi terms, the external debt component declined from about GH¢341.7 billion to GH¢337.2 billion during the same period.
This means the recent rise in the country’s total public debt was largely driven by domestic debt accumulation, while external debt remained relatively stable.
Ghana’s Debt-to-GDP Ratio
The latest figures place Ghana’s total public debt at approximately 45.9% of Gross Domestic Product (GDP).
Domestic debt alone accounts for about 24.8% of GDP, underscoring its growing importance in Ghana’s overall debt profile.
The movement in the debt stock comes amid government efforts to meet its fiscal obligations while managing public expenditure, government borrowing and debt accumulation.
Outlook for Ghana’s Public Debt
The increase in domestic borrowing will remain an important issue for Ghana’s economic and fiscal outlook.
A key consideration is whether the recent rise in domestic debt represents a temporary financing requirement or points to renewed pressure on government finances.
Developments in Ghana’s public debt, domestic borrowing, fiscal deficit, debt servicing costs and debt-to-GDP ratio are expected to remain closely watched by investors, financial institutions, policymakers and economic analysts as the government continues its fiscal consolidation efforts.
Source: newsthemegh.com