Ghana’s public debt stock stood at GH¢733.5 billion at the end of July 2026, equivalent to 45.9% of gross domestic product, according to the latest Bank of Ghana Summary of Economic and Financial Data.
The debt stock was equivalent to $62.8 billion at the end of the period, with external debt accounting for $28.8 billion, or GH¢337.2 billion. External obligations represented 21.1% of GDP.
Domestic debt stood at GH¢396.7 billion, equivalent to 24.8% of GDP, according to the central bank data.
The figures come against a fiscal position in which government recorded a primary balance on a cash basis of 1.0% of GDP during the period under review. The overall cash balance was a deficit of 0.6% of GDP.
On a commitment basis, the primary balance recorded a surplus of 1.4% of GDP, while the overall balance showed a deficit of 0.2% of GDP.
Government revenue and grants accumulated through July were equivalent to 9.1% of GDP. Domestic revenue accounted for 9.0% of GDP, with tax revenue contributing 7.5%.
Total expenditure amounted to 9.2% of GDP, while capital expenditure represented 1.5% of GDP. Net domestic financing stood at 1.1% of GDP.
The debt figures form part of broader fiscal and external-sector developments reported by the Bank of Ghana. Ghana recorded a trade surplus of $8.86 billion between January and August 2026, equivalent to 6.7% of GDP, supported by exports of $22.44 billion against imports of $13.59 billion.
Gold accounted for $14.86 billion of exports during the first eight months of the year, while cocoa exports contributed $2.76 billion and crude oil exports $2.42 billion.
The country’s gross international reserves also strengthened during the period. Reserves stood at $11.07 billion at the end of August, equivalent to 4.2 months of import cover, before rising to $12.05 billion as of September 22, representing 4.5 months of import cover.
The July debt position therefore coincided with a period of improved external balances and reserve accumulation, while fiscal data showed both cash and commitment-based primary surpluses.
