Ghana’s public debt stock increased by GH¢15.8 billion in July 2025, reaching a total of GH¢628.8 billion ($59.9 billion).
This information is derived from the latest summary of economic and financial data released by the Bank of Ghana for September 2025.
This increase, representing 44.9% of Gross Domestic Product (GDP), follows three consecutive months of decline. The earlier declines were primarily due to the significant appreciation of the cedi earlier in the year.
The July figure contrasts with GH¢613 billion in June and GH¢769.4 billion in March. This variation highlights the volatility of the debt trajectory in response to fluctuations in the exchange rate.
External debt remained relatively stable at $29.0 billion in July, accounting for 21.8% of the country’s GDP.
Conversely, domestic debt increased to GH¢323.7 billion or 23.1% of GDP, up from GH¢312.7 billion the previous month.
On the fiscal front, Ghana recorded a deficit-to-GDP ratio of 1.4% in July, while the primary balance indicated a surplus of 0.7%.
These data illustrate the pressures resulting from increased domestic borrowing and the temporary relief associated with currency-driven valuation effects.
