Ghana’s Public Debt Rises by GH¢15.8bn in July on Cedi Depreciation, Domestic Borrowing

Ghana’s public debt increased by GH¢15.8 billion in July 2025, bringing the total to GH¢628.8 billion ($59.9 billion), according to the Bank of Ghana’s September 2025 Summary of Economic and Financial Data.

The debt stock, now equivalent to 44.9% of Gross Domestic Product (GDP), reversed a three-month decline earlier in the year when a stronger cedi had temporarily eased the burden. The July figure compares with GH¢613 billion in June and GH¢769.4 billion in March, underscoring the volatility of debt levels amid currency fluctuations.

While external debt remained largely unchanged at $29.0 billion, or 21.8% of GDP, domestic debt rose from GH¢312.7 billion in June to GH¢323.7 billion, representing 23.1% of GDP.

On the fiscal front, the country recorded a budget deficit-to-GDP ratio of 1.4% in July. However, the primary balance registered a surplus of 0.7%, offering a measure of short-term relief.

The figures highlight the dual challenge of managing exchange rate swings and growing reliance on domestic borrowing to finance government expenditure.