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Ghana’s public debt stock rose sharply by GH¢15.8 billion in July 2025, pushing the total to GH¢628.8 billion ($59.9 billion), according to the Bank of Ghana’s latest summary of economic and financial data released for September.
The increase, which represents 44.9% of Gross Domestic Product (GDP), comes after three consecutive months of declines earlier this year, largely driven by the cedi’s strong appreciation against major trading currencies.
In comparison, Ghana’s debt stock stood at GH¢613 billion in June and GH¢769.4 billion in March, underscoring the volatility of the debt trajectory in the face of exchange rate swings.
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The July report shows external debt holding relatively steady at $29.0 billion, equivalent to 21.8% of GDP.
By contrast, domestic debt increased significantly, climbing from GH¢312.7 billion in June to GH¢323.7 billion in July, representing 23.1% of GDP.
Analysts say this highlights the government’s heavy reliance on the domestic market for financing, especially as external financing options remain constrained.
On the fiscal side, Ghana recorded a deficit-to-GDP ratio of 1.4% in July. The primary balance, however, showed a surplus of 0.7%, signalling some progress in efforts to consolidate public finances under the IMF-supported programme.
The Bank of Ghana figures point to continued debt sustainability pressures, with risks heightened by rising domestic borrowing costs and limited fiscal space.
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