Ghana’s public debt stock rose by GH¢15.8 billion in July 2025, reaching GH¢628.8 billion ($59.9 billion).
This is per the Bank of Ghana’s latest summary of economic and financial data released for September 2025.
The increase, equivalent to 44.9% of Gross Domestic Product (GDP) comes after three consecutive months of declines driven by the strong appreciation of the cedi earlier in the year.
The July figure compares with GH¢613 billion in June and GH¢769.4 billion in March, highlighting the volatility of the debt trajectory amid exchange rate movements.
External debt was broadly flat at $29.0 billion in July, representing 21.8% of GDP.
However, domestic debt rose to GH¢323.7 billion or 23.1% of GDP, from GH¢312.7 billion a month earlier.
On the fiscal side, Ghana posted a deficit-to-GDP ratio of 1.4% in July, while the primary balance showed a surplus of 0.7%.
The figures signal both the pressure from rising domestic borrowing and the temporary relief from currency-driven valuation effects.
