Ghana’s Public Debt Rises to GH¢628.8 Billion in July 2025
Ghana’s public debt stock rose by GH¢15.8 billion in July 2025, reaching GH¢628.8 billion ($59.9 billion), according to the Bank of Ghana’s September 2025 summary of economic and financial data.
The increase, equivalent to 44.9% of Gross Domestic Product (GDP), comes after three consecutive months of declines, largely driven by the earlier strong appreciation of the cedi.
The July figure compares with GH¢613 billion in June and GH¢769.4 billion in March, underscoring the volatility of the debt trajectory amid exchange rate fluctuations.
While external debt remained broadly stable at $29.0 billion (21.8% of GDP), domestic debt climbed to GH¢323.7 billion (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 registered a surplus of 0.7%.
The data highlights the dual challenge of rising domestic borrowing pressures and the temporary relief from currency-driven debt valuation effects.
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