Ghana’s public debt hit GH¢733.9 billion in July 2026

In July 2026, Ghana's public debt reached GH¢733.9 billion, marking a GH¢14.4 billion increase from the previous month. This amount constitutes 45.1% of the country's Gross Domestic Product (GDP), mirroring the figure from May 2026. The public debt stock amounted to US$6.8 billion, surpassing 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 a rising trend since January 2026, starting at GH¢663.4 billion. Subsequent increases were observed in February (GH¢674.1 billion), March (GH¢686.1 billion), April (GH¢695.9 billion), and May (GH¢720.8 billion).

The surge in debt can be attributed to heightened borrowing from both domestic and external sources, coupled with exchange rate losses. In July 2026, the external debt stood at US$28.8 billion (GH¢337.2 billion), a slight decrease from June 2026 (US$28.9 billion) and May 2026 (US$29.1 billion). This amounted to 21.1% of GDP. On the domestic front, the debt rose 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 represented 24.8% of GDP. Prior to July 2026, the domestic debt was GH¢369.2 billion in April 2026, accounting for 23.7% of GDP. In March 2026, it was estimated at GH¢365.8 billion, while February 2026 saw an estimate of GH¢341.0 billion, and January 2026 recorded GH¢360.4 billion. For the government's fiscal operations, the fiscal balance-to-GDP (Cash) deficit stood at 0.6% in July 2026, while the primary balance was a surplus of 1.0% of GDP.