Ghana’s public debt stock rose sharply by GH¢15.8 billion in July 2025, reaching GH¢628.8 billion ($59.9 billion), according to the Bank of Ghana’s latest economic and financial data.
The increase, equivalent to 44.9% of Gross Domestic Product (GDP), follows three straight months of declines, which had been supported by the cedi’s strong appreciation earlier this year.
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July’s figure compares with GH¢613 billion recorded in June and GH¢769.4 billion in March, underscoring the debt’s volatility amid exchange rate fluctuations.
External debt remained steady at $29.0 billion, representing 21.8% of GDP. Domestic debt, however, rose to GH¢323.7 billion or 23.1% of GDP, up from GH¢312.7 billion the previous month.
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On the fiscal front, Ghana posted a deficit-to-GDP ratio of 1.4% in July, while the primary balance registered a surplus of 0.7%.
The latest numbers highlight growing pressure from domestic borrowing alongside temporary relief from currency-driven valuation gains.