Ghana’s total public debt stock increased by GH¢46.7 billion over a three-month period. The latest Summary of Economic and Financial Data for July 2026, released by the Bank of Ghana, shows that the country’s total debt rose from GH¢674.1 billion in February 2026 to GH¢720.8 billion by May 2026.
The data indicates a steady upward trend throughout the period.
The debt stock jumped to GH¢686.1 billion in March, before rising further to GH¢695.9 billion in April and eventually reaching GH¢720.8 billion in May.
The increase represents a cumulative rise of about 7% over the three-month period as the government faces financing requirements and pressures to support economic recovery while meeting fiscal obligations.
However, the picture looks different when measured in dollar terms.
Ghana’s total public debt declined from US$63.2 billion in February to US$61.5 billion in May, largely due to the appreciation of the cedi against major international currencies during the period.
Despite the decline in dollar terms, the country’s debt burden relative to the size of the economy increased.
The debt-to-GDP ratio rose from 42.2% in February to 45.1% in May, indicating that public debt grew faster than economic output over the period.
The Bank of Ghana’s data also show that external debt increased from GH¢313.6 billion in February to GH¢341.7 billion in May, equivalent to 21.4% of GDP.
Domestic debt also continued its upward trajectory, rising to GH¢379.1 billion in May as the government relied more heavily on the local financial market to finance its budget and refinance maturing obligations.
Domestic debt accounted for 23.7% of GDP.
The pace of debt accumulation will remain under scrutiny as the country continues implementing reforms under its IMF-supported economic programme and works to preserve macroeconomic stability.
Earlier this month, the government fully settled a US$700 million Eurobond obligation ahead of schedule.
According to the Ministry of Finance, the payment was completed on Thursday, July 2, 2026, comprising US$525.2 million in principal repayments and US$174.8 million in interest payments.
The latest settlement brings Ghana’s cumulative payments to Eurobond holders to US$2.1 billion since January 2025 under the country’s Eurobond Debt Exchange Programme.
The Ministry maintains that the repayment was financed through pre-arranged funding mechanisms and was executed without placing undue pressure on the country’s foreign exchange reserves.
