Ghana’s 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 for September 2026.
The increase came despite a marginal decline in the debt stock in June, when total public debt stood at GH¢719.5 billion, before rising sharply to GH¢733.9 billion in July.
In dollar terms, however, the debt stock was relatively stable, moving from US$61.5 billion in May to US$63.4 billion in June, before easing to US$62.8 billion in July.
Domestic debt rose from GH¢379.1 billion in May to GH¢396.7 billion in July, an increase of GH¢17.6 billion over the two-month period.
External debt, on the other hand, declined marginally in dollar terms from US$28.9 billion to US$28.8 billion. In cedi terms, it fell from about GH¢341.7 billion to GH¢337.2 billion.
This means the recent increase in the overall debt stock was driven primarily by growth in domestic debt, while the external component remained relatively contained.
These figures also put total public debt at about 45.9 percent of GDP, while domestic debt accounts for approximately 24.8 percent of GDP.
The movement in the debt stock reflects a mixture of government prioritising its fiscal obligations and containing debt accumulation.
Analysts note that attention will now focus on whether the increase in domestic borrowing remains temporary or signals renewed financing pressures.
