Ghana’s domestic debt increased by GH¢17.6 billion between May and July 2026, emerging as the main factor behind the rise in the country’s overall public debt stock over the period.
According to the Bank of Ghana’s September 2026 economic and financial data, domestic debt rose from GH¢379.1 billion in May to GH¢396.7 billion in July.
The increase contributed to a rise in total public debt from GH¢720.8 billion in May to GH¢733.9 billion in July, representing an increase of GH¢13.1 billion.
The debt stock briefly declined in June to GH¢719.5 billion before rising sharply in July.
The increase in domestic borrowing contrasts with developments in Ghana’s external debt, which remained relatively stable and recorded a marginal decline during the period under review.
External debt fell from US$28.9 billion in May to US$28.8 billion in July. In cedi terms, the external component declined from approximately GH¢341.7 billion to GH¢337.2 billion.
In dollar terms, Ghana’s total public debt moved from US$61.5 billion in May to US$63.4 billion in June before falling to US$62.8 billion in July.
The figures suggest that the latest movement in the public debt stock was primarily associated with domestic financing rather than a significant increase in external borrowing.
Ghana’s total public debt stood at about 45.9 percent of GDP, with domestic debt accounting for approximately 24.8 percent of GDP.
The development highlights the balance government faces between meeting its fiscal obligations and limiting the accumulation of new debt.
While the latest increase in domestic debt could reflect short-term financing requirements, sustained growth in domestic borrowing could put renewed pressure on government financing needs.
The trend will therefore be closely watched in subsequent debt data to determine whether the increase represents a temporary adjustment or a more persistent shift in domestic financing.
