Ghana’s total public debt stock rose by GH¢15.8 billion in July 2025, reaching GH¢628.8 billion ($59.9 billion), according to the Bank of Ghana’s September 2025 Summary of Economic and Financial Data.
The increase—equivalent to 44.9% of Gross Domestic Product (GDP)—comes after three straight months of declines, driven earlier in the year by the cedi’s strong appreciation.
July’s figure compares with GH¢613 billion in June and GH¢769.4 billion in March, underscoring the volatility of the debt path amid exchange rate fluctuations.
External debt remained largely unchanged at $29.0 billion, representing 21.8% of GDP. Domestic debt, however, rose to GH¢323.7 billion (23.1% of GDP) from GH¢312.7 billion in June.
On the fiscal front, Ghana recorded a budget deficit of 1.4% of GDP in July, while the primary balance posted a surplus of 0.7%.
The data reflects continued pressure from rising domestic borrowing, tempered by temporary relief from currency-related valuation gains.
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