Public debt rises by GH¢15.8bn to GH¢628.8bn in July 2025

Ghana’s public debt stock stood at $59.9 billion (GH¢628.8 billion) in July 2025, the Bank of Ghana has reported, reflecting a marginal uptick from $59.4 billion (GH¢613.0 billion) in June.

The debt-to-GDP ratio, however, eased to 44.9%, supported by the rebasing effect of higher nominal GDP and exchange rate gains earlier in the year.

External debt remained steady at $29 billion, representing 21.8% of GDP, while domestic debt inched up to GH¢323.7 billion, accounting for 23.1% of GDP. This balance suggests a near even split between foreign and local financing of government operations.

The Bank of Ghana data shows that the stronger cedi—buoyed by earlier appreciation that saw the exchange rate touch GH¢10.28 per US dollar in May before weakening again to GH¢12.15 in September—has helped moderate the local currency burden of external debt.

Despite the marginal improvements in ratios, analysts caution against complacency. “The fact that debt is still rising in dollar terms means fiscal pressures remain,” one economist observed, warning that reliance on domestic financing could crowd out private sector credit.

Government fiscal operations also recorded tighter control, with the primary balance on a cash basis posting a surplus of 0.7% of GDP in July, compared to a deficit of 0.6% at the start of the year.

The overall deficit narrowed to 1.4% of GDP, down from 5.2% in December 2024, signalling progress on consolidation targets.

However, expenditure pressures remain, particularly on capital investment, which stood at just 0.7% of GDP in July.