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.
The fresh data highlights Ghana’s ongoing debt management challenges as government continues to navigate the effects of fiscal pressures, external shocks, and ongoing economic reforms.