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

Ghana's public debt reached GH¢733.9 billion in July 2026, marking an increase of GH¢14.4 billion from June 2026. This debt level accounts for 45.1% of the country's Gross Domestic Product (GDP), identical to the figure from May 2026. In dollar terms, the public debt stock amounted to US$6.8 billion, greater than the US$61.5 billion recorded in May 2026.

According to the September 2026 Summary of Financial and Economic Data published by the Bank of Ghana, Ghana's public debt has been rising since January 2026. The debt stood at GH¢663.4 billion in January 2026, climbed to GH¢674.1 billion in February, and continued to rise to GH¢686.1 billion in March, GH¢695.9 billion in April, and ultimately reached GH¢720.8 billion in July 2026.

The increase in debt is attributed to higher borrowing both domestically and externally, along with exchange rate losses. In July 2026, the external debt was US$28.8 billion (GH¢337.2 billion), slightly lower than the US$28.9 billion in June and US$29.1 billion in May. This external debt represented 21.1% of GDP. Meanwhile, the domestic debt increased to GH¢396.7 billion in July 2026, up from GH¢391.1 billion in June and GH¢379.1 billion in May, constituting 24.8% of GDP.

In April 2026, the domestic debt was GH¢369.2 billion, equivalent to 23.7% of GDP. In March 2026, it was GH¢365.8 billion, while in February and January 2026, it was estimated at GH¢341.0 billion and GH¢360.4 billion, respectively. For the government's fiscal operations, the fiscal balance-to-GDP (Cash) deficit was 0.6% in July 2026, with the primary balance registering a surplus of 1.0% of GDP.