Ghana’s public debt hit GH¢733.9 billion as of July 2026
According to the September 2026 Summary of Financial and Economic Data by the Bank of Ghana, the country’s public debt has been increasing since January 2026.
As of July 2026, Ghana's public debt had reached GH¢733.9 billion, marking an increase of GH¢14.4 billion from June's figure of GH¢719.5 billion. This debt level equates to 45.1% of the country's GDP, the same percentage as in May 2026. The total debt stock in dollar terms amounted to US$6.8 billion, which is higher than the US$61.5 billion recorded in May 2026.
According to the Bank of Ghana's September 2026 Summary of Financial and Economic Data, Ghana's public debt has been on an upward trend since January 2026. The debt began at GH¢663.4 billion in January 2026, then climbed to GH¢674.1 billion in February, GH¢686.1 billion in March, GH¢695.9 billion in April, and finally rose to the current level of GH¢733.9 billion.
The increase in public debt can be attributed to heightened borrowing on both domestic and external fronts, coupled with exchange rate losses. In July 2026, the external debt stood at US$28.8 billion (GH¢337.2 billion), which is lower than the US$28.9 billion in June 2026 and US$29.1 billion in May 2026. This external debt represents 21.1% of Ghana's GDP.
Conversely, domestic debt surged to GH¢396.7 billion in July 2026, up from GH¢391.1 billion in June and GH¢379.1 billion in May. This domestic debt accounts for 24.8% of GDP.
In April 2026, domestic debt was recorded at GH¢369.2 billion, representing 23.7% of GDP. The figure was estimated at GH¢365.8 billion in March 2026, GH¢360.4 billion in February, and GH¢341.0 billion in January 2026. For the fiscal year 2026, the government's fiscal operations resulted in a deficit of 0.6% of GDP, while the primary balance registered a surplus of 1.0% of GDP.
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