Ghana’s total 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 Bank of Ghana’s latest economic and financial data released in September.
The increase came despite a marginal decline in the debt stock in June, when total public debt stood at GH¢719.5 billion.
The debt stock subsequently rose sharply in July to GH¢733.9 billion, reversing the decline recorded in the previous month.
In dollar terms, however, the movement in Ghana’s public debt was relatively moderate. The debt stock increased from US$61.5 billion in May to US$63.4 billion in June before easing to US$62.8 billion in July.
The data show that the main driver of the increase was domestic debt.
Domestic debt rose from GH¢379.1 billion in May to GH¢396.7 billion in July, representing an increase of GH¢17.6 billion over the two-month period.
External debt, meanwhile, remained relatively contained. In dollar terms, it declined marginally from US$28.9 billion in May to US$28.8 billion in July.
In cedi terms, external debt fell from approximately GH¢341.7 billion in May to GH¢337.2 billion in July.
The figures indicate that the recent increase in Ghana’s overall public debt stock was largely driven by higher domestic borrowing, while the external component recorded a marginal decline.
Total public debt was equivalent to approximately 45.9 percent of Gross Domestic Product (GDP), while domestic debt accounted for about 24.8 percent of GDP.
The latest figures come amid efforts by the government to meet its fiscal obligations while containing the pace of debt accumulation.
However, the rise in domestic borrowing raises questions about whether the increase is temporary or could signal renewed financing pressures if the trend persists.
