Ghana's public debt stock has continued its steady climb, reaching GH¢733.9 billion in July 2026. This represents an increase of roughly GH¢14.4 billion from June's GH¢719.5 billion, according to the Bank of Ghana's September 2026 Summary of Financial and Economic Data. The country's debt has now risen without interruption every month this year.
The debt stock has been increasing steadily since January, climbing from GH¢663.4 billion to GH¢674.1 billion in February, GH¢686.1 billion in March, GH¢695.9 billion in April, GH¢720.8 billion in May, and then a slight dip to GH¢719.5 billion in June, before rising again to GH¢733.9 billion in July. As a share of the economy, debt-to-GDP stood at 45.1% in July, unchanged from the level recorded in May.
The Bank of Ghana attributes the continued growth in the debt stock to a combination of increased domestic and external borrowing, alongside exchange rate losses. Domestic debt alone rose to GH¢396.7 billion in July, from GH¢391.1 billion in June and GH¢379.1 billion in May. External debt edged down slightly to US$28.8 billion in July, from US$28.9 billion in June, representing 21.1% of GDP.
The fiscal balance for July showed a deficit of 0.6% of GDP, while the primary balance recorded a surplus of 1.0% of GDP for the month. This comes months after the Finance Ministry wrapped up its sovereign debt restructuring programme, aimed at easing the pressure of Ghana's debt burden following the country's 2022 default and subsequent IMF-backed programme.
As part of the debt restructuring effort, the government carried out a SADEREA Notes exchange worth roughly $117.8 million in July 2026. The government has also paid a cumulative GH¢41.36 billion to bondholders under the Domestic Debt Exchange Programme (DDEP) since 2025. The programme aimed to reduce government borrowing costs by swapping old bonds for new ones with lower interest rates and longer repayment periods.
Despite the debt restructuring being completed and bondholder payments continuing on schedule, the underlying debt stock has kept growing rather than shrinking. A heavier debt load affects how much of government revenue goes toward interest payments and repayments rather than services such as health, education, and infrastructure. A rising domestic debt component signals that the government is leaning more on local borrowing.
The implications of the rising debt stock are significant for ordinary Ghanaians. The increased debt burden may limit the government's ability to invest in essential public services, and may also affect interest rates and the availability of credit for businesses and households within Ghana. The Bank of Ghana and the Finance Ministry have not issued a fresh statement addressing the July figures beyond the data itself, nor provided a forecast for how debt levels will move in the coming months.
Key points
- Ghana's public debt stock has reached GH¢733.9 billion in July 2026, marking the seventh consecutive monthly increase.
- The debt restructuring programme has not led to a reduction in the debt stock, despite the government's efforts to ease the pressure of Ghana's debt burden.
- The rising debt stock may have significant implications for ordinary Ghanaians, including limiting government investment in public services and affecting interest rates and credit availability.
