Ghana’s public debt stock climbed by GH¢15.8 billion in July 2025, bringing the total to GH¢628.8 billion ($59.9 billion), according to the Bank of Ghana’s September 2025 summary of economic and financial data.
The rise, equal to 44.9% of Gross Domestic Product (GDP), comes after three straight months of declines earlier in the year, largely driven by the cedi’s strong performance.
The July figure compares with GH¢613 billion in June and GH¢769.4 billion in March, underscoring the volatility of the debt profile amid currency fluctuations.
External debt remained relatively unchanged at $29.0 billion, representing 21.8% of GDP. Domestic debt, however, increased to GH¢323.7 billion (23.1% of GDP), up from GH¢312.7 billion in June.
On the fiscal front, Ghana recorded a budget deficit of 1.4% of GDP in July, while the primary balance posted a surplus of 0.7%.
The data highlights the mounting strain from domestic borrowing alongside the temporary debt relief provided by earlier currency gains.
