Ghana’s public debt stock increased by GH¢15.8 billion in July 2025, bringing the total to GH¢628.8 billion (approximately $59.9 billion), according to the Bank of Ghana’s September 2025 Summary of Economic and Financial Data.
This rise follows three consecutive months of decline, largely attributed to the earlier appreciation of the cedi. The current figure represents 44.9% of Gross Domestic Product (GDP), up from GH¢613 billion in June. In contrast, the debt stood at GH¢769.4 billion in March, highlighting the debt’s sensitivity to exchange rate fluctuations.
External debt remained relatively stable at $29.0 billion, accounting for 21.8% of GDP. However, domestic debt rose from GH¢312.7 billion in June to GH¢323.7 billion in July, now making up 23.1% of GDP.
On the fiscal front, Ghana recorded a budget deficit of 1.4% of GDP in July, while the primary balance (which excludes interest payments) registered a surplus of 0.7%.
These figures reflect growing pressure from domestic borrowing, even as earlier gains from currency strength provided some temporary relief to the overall debt burden.
