Ghana’s public debt rises to GH¢733.9bn as domestic borrowing drives increase

Ghana's public debt stock surged by GH¢13.1 billion between May and July 2026, reaching GH¢733.9 billion, according to the Bank of Ghana's economic and financial data. The primary driver of the rise was domestic borrowing, which increased from GH¢379.1 billion in May to GH¢396.7 billion in July, accounting for 24.8% of the GDP. External debt fell marginally from US$28.9 billion to US$28.8 billion, and the overall dollar value of public debt rose from US$61.5 billion to US$63.4 billion.

The economic situation observed a total public debt of GH¢663.4 billion in January, climbing to GH¢733.9 billion by July. The shift in focus is now on the extent and nature of domestic borrowing, as it remains unclear whether the recent increase signifies short-term needs or a persistent rise in government borrowing demands.