Ghana’s public debt stock climbed by GH¢15.8 billion in July 2025, reaching GH¢628.8 billion ($59.9 billion), according to the Bank of Ghana’s latest summary of economic and financial data for September 2025.
The debt-to-GDP ratio now stands at 44.9%, reversing a trend of three consecutive months of declines that had been supported by the cedi’s strong appreciation earlier in the year.
The July figure compares with GH¢613 billion in June and GH¢769.4 billion in March, underscoring the volatility of Ghana’s debt trajectory amid exchange rate movements.
External debt remained broadly stable at $29.0 billion, equivalent to 21.8% of GDP. However, domestic debt increased to GH¢323.7 billion (23.1% of GDP) in July, up from GH¢312.7 billion in the previous month.
On the fiscal front, Ghana posted a deficit-to-GDP ratio of 1.4% in July, while the primary balance showed a surplus of 0.7%.
The figures highlight the dual challenges of rising domestic borrowing and temporary relief from currency-driven valuation effects. Analysts note that while exchange rate gains may provide short-term debt relief, structural fiscal reforms remain key to stabilizing Ghana’s debt profile.
