Ghana’s Public Debt Rises to GH¢628.8bn in July – Bank of Ghana

Ghana’s total public debt stock rose by GH¢15.8 billion in July 2025, reaching GH¢628.8 billion, new data from the Bank of Ghana has revealed.

This figure represents about 44.9% of Gross Domestic Product (GDP). In dollar terms, the debt stood at $59.9 billion, up from the $59.4 billion recorded in June 2025.

The July increase comes after a significant decline in the country’s debt stock between March and June 2025, largely attributed to the strong appreciation of the cedi against the US dollar. The debt dropped from GH¢769.4 billion in March to GH¢730.3 billion in April, GH¢612.1 billion in May, and GH¢613 billion in June.

According to the central bank, Ghana’s external debt in July stood at $29.0 billion, representing 21.8% of GDP, compared to $29.1 billion in June. On the domestic front, the debt rose to GH¢323.7 billion, up from GH¢312.7 billion in June, accounting for 23.1% of GDP.

In terms of fiscal performance, the Bank of Ghana reported that the fiscal deficit-to-GDP ratio stood at 1.4% in July 2025. The primary balance, however, recorded a surplus of 0.7% of GDP, signaling some progress in government’s efforts to consolidate public finances.