Ghana’s total public debt increased by GH¢46.7 billion within three months, according to the Bank of Ghana’s Summary of Economic and Financial Data for July 2026.
The report shows the country’s debt stock rose from GH¢674.1 billion in February 2026 to GH¢720.8 billion by May 2026, reflecting a steady increase over the period.
The debt climbed to GH¢686.1 billion in March, GH¢695.9 billion in April, and GH¢720.8 billion in May, representing an overall increase of about 7%.
The rise comes as government continues to meet financing needs, support economic recovery, and fulfil its fiscal obligations.
In contrast, Ghana’s public debt declined in dollar terms, falling from US$63.2 billion in February to US$61.5 billion in May.
The Bank of Ghana attributes this to the appreciation of the cedi against major international currencies during the period.
Despite the decline in dollar terms, the country’s debt burden relative to the economy increased. The debt-to-GDP ratio rose from 42.2% in February to 45.1% in May, indicating that public debt grew faster than economic output.
The report further shows that external debt increased from GH¢313.6 billion to GH¢341.7 billion, representing 21.4% of GDP.
Domestic debt also rose to GH¢379.1 billion in May, accounting for 23.7% of GDP, as government relied more on the local financial market to finance its budget and refinance maturing obligations.
The pace of debt accumulation is expected to remain under close watch as Ghana continues implementing reforms under its IMF-supported economic programme aimed at maintaining macroeconomic stability.
Earlier this month, the government announced it had fully settled a US$700 million Eurobond obligation ahead of schedule.
According to the Ministry of Finance, the payment, completed on July 2, 2026, comprised US$525.2 million in principal repayments and US$174.8 million in interest.
The ministry said the latest payment brings Ghana’s total repayments to Eurobond holders to US$2.1 billion since January 2025 under the Eurobond Debt Exchange Programme, adding that the settlement was financed through pre-arranged funding mechanisms without putting undue pressure on the country’s foreign exchange reserves.
