Ghana's public debt stock has increased to GH¢733.9 billion as of July 2026, according to data from the Bank of Ghana. This represents a GH¢13.1 billion increase from the GH¢720.8 billion recorded in May 2026. The rise in debt is primarily attributed to domestic borrowing, which rose from GH¢379.1 billion in May to GH¢396.7 billion in July.
The composition of Ghana's debt stock reveals that the external component of the debt remained relatively stable during the period. External debt declined marginally from US$28.9 billion to US$28.8 billion, while its cedi equivalent fell from approximately GH¢341.7 billion to GH¢337.2 billion. This indicates that the increase in Ghana's overall public debt was mainly driven by domestic borrowing rather than external indebtedness.
In dollar terms, Ghana's total public debt increased from approximately US$61.5 billion in May to US$63.4 billion in June before easing to US$62.8 billion in July. The movement in the overall debt stock in cedi and dollar values highlights the importance of exchange rate movements when assessing Ghana's debt position.
The increase in domestic debt comes amid continued government financing activity in the domestic securities market. The Bank of Ghana reported strong investor participation in government securities, with a July Treasury bill auction attracting GH¢12.37 billion in bids against a government target of GH¢9.49 billion.
The government has continued to meet its obligations arising from the Domestic Debt Exchange Programme. The Bank of Ghana's investor bulletin reported that the government paid GH¢10.82 billion in full to DDEP bondholders on August 18, 2026, bringing cumulative payments to DDEP bondholders since 2025 to GH¢41.36 billion.
The sustainability of Ghana's public debt position remains a concern, with the renewed increase in domestic indebtedness placing attention on the government's financing requirements. The Bank of Ghana has noted that the relatively greater role of domestic debt can reduce Ghana's exposure to foreign currency risks, but it also places greater emphasis on the domestic financial market and the government's ability to manage refinancing requirements.
The latest figures present a mixed picture, with Ghana's external debt remaining relatively stable while domestic debt has expanded considerably. The government's ability to manage its debt position will depend on its success in fiscal consolidation, revenue mobilisation, and expenditure management to keep future borrowing requirements under control.
Key points
- Ghana's public debt stock climbed to GH¢733.9 billion as of July 2026.
- Domestic borrowing drove the GH¢13.1 billion increase in public debt from May.
- The government's debt position remains sustainable, but attention is on its financing requirements.
