Ghana's public debt has hit GH¢733.9 billion in July 2026, representing a GH¢14.4 billion increase from the previous month's GH¢719.5 billion. This figure is equivalent to 45.1% of the country's Gross Domestic Product (GDP), according to the Bank of Ghana's September 2026 Summary of Financial and Economic Data. The rising debt is attributed to increased borrowing on both domestic and external fronts, as well as exchange rate losses.
In dollar terms, the public debt stock stood at US$61.5 billion in May 2026, but increased to US$6.8 billion, although this appears to be a misrepresentation as the actual figure seems to be much higher. The external debt stood at US$28.8 billion (GH¢337.2 billion) in July 2026, which is lower than the US$28.9 billion in June 2026 and US$29.1 billion in May 2026, representing 21.1% of GDP.
The domestic debt, however, increased to GH¢396.7 billion in July 2026, up from GH¢391.1 billion in June 2026 and GH¢379.1 billion in May 2026. This represents about 24.8% of GDP. In April 2026, the domestic debt stood at GH¢369.2 billion, approximately 23.7% of GDP. The consistent increase in domestic debt is a concern for the country's financial stability.
According to the Bank of Ghana's data, Ghana's public debt has been on the rise since January 2026, when it stood at GH¢663.4 billion. The debt continued to increase in subsequent months, reaching GH¢674.1 billion in February 2026, GH¢686.1 billion in March 2026, GH¢695.9 billion in April 2026, and GH¢720.8 billion in May 2026.
The government's fiscal operations also showed a deficit of 0.6% in July 2026, based on the fiscal balance-to-GDP (Cash). However, the primary balance stood at a surplus of 1.0% of GDP in July 2026, indicating some level of fiscal discipline. These figures suggest that while the country's debt is increasing, there are efforts to manage the fiscal situation.
The increasing debt burden has implications for Ghana's economic stability and growth. The government will need to carefully manage its borrowing and fiscal operations to avoid potential risks and ensure that the debt does not become unsustainable. The situation will require close monitoring and strategic planning to mitigate any adverse effects.
The Bank of Ghana's data also showed variations in the country's debt stock over the past few months. While the external debt has relatively decreased, the domestic debt has consistently increased, contributing to the overall rise in public debt. The central bank's data provides valuable insights into the country's financial situation, helping inform policy decisions.
Key points
- Ghana's public debt has reached GH¢733.9 billion as of July 2026.
- The debt increase is attributed to borrowing on domestic and external fronts and exchange rate losses.
- The country's fiscal balance-to-GDP (Cash) showed a deficit of 0.6% in July 2026.
