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Ghana’s debt stock rises by GHC13.1bn between May and July
September 23, 2026
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Ghana’s debt stock rises by GHC13.1bn between May and July

Money
Policy
Growth

Key Points

  • Ghana's public debt stock increased by GHC13.1 billion between May and July, reaching GHC733.9 billion.
  • The primary driver for this increase was a GHC17.6 billion rise in domestic borrowing, from GHC379.1 billion to GHC396.7 billion.
  • Conversely, external debt saw a slight decline in both dollar and cedi terms during the same period.
  • Total public debt now stands at approximately 45.9% of Ghana's GDP, with domestic debt accounting for 24.8%.
  • The article highlights concerns about whether this increase reflects renewed financing pressures on the government despite ongoing debt containment measures.

Why This Matters

This increase in public debt, particularly domestic borrowing, is significant for Ghana as it signals potential fiscal challenges and could strain the government's finances. High debt levels can impact the government's ability to fund essential services, divert resources to debt servicing, and potentially hinder long-term economic stability and growth. It also raises questions about the efficacy of current debt management policies.

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