Over the course of three months, Ghana’s whole public debt stock climbed by GH¢46.7 billion. According to the most recent Summary of Economic and Financial Data for July 2026, which was published by the Bank of Ghana, Ghana’s overall debt increased from GH674.1 billion in February 2026 to GH720.8 billion by May 2026.
The data shows a consistent upward trend over the time period. In March, the debt stock increased to GH¢686.1 billion before rising further to GH¢695.9 billion in April and eventually reaching GH¢720.8 billion in May.
As the government struggles to satisfy its fiscal obligations while supporting economic recovery and facing funding needs and pressures, the increase corresponds to a cumulative growth of about 7% over the three-month period.
However, when measured in terms of dollars, the image appears different.
The overall public debt of Ghana decreased from US$63.2 billion in February to US$61.5 billion in May, mostly as a result of the cedi’s appreciation against significant international currencies throughout that time.
The country’s debt burden increased relative to the size of the economy, despite the decrease in dollar terms.
According to figures released on Friday, the country’s debt-to-GDP ratio increased from 42.2% in February to 45.1% in May, indicating that public debt grew faster than economic output over the period.
Data from the Bank of Ghana further reveals that external debt increased from GH¢313.6 billion in February to GH¢341.7 billion in May, which represents 21.4% of GDP.
As the government increasingly used the local financial market to finance its budget and refinance maturing commitments, domestic debt also maintained its increasing trend, reaching GH¢379.1 billion in May.
As the nation persists in enacting reforms as part of its IMF-backed economic plan and strives to uphold macroeconomic stability, the speed at which debt accumulates will continue to be closely watched.
The government entirely paid off a US$700 million Eurobond obligation earlier this month, ahead of schedule.
According to the Ministry of Finance, the payment was finished on Thursday, July 2, 2026, and consisted of principal repayments totaling US$525.2 million and interest payments totaling US$174.8 million.
Since January 2025, Ghana has paid a total of US$2.1 billion to Eurobond holders thanks to the most recent settlement under the country’s Eurobond Debt Exchange Program.
The Ministry claims that the reimbursement was made using pre-approved financing methods and was completed without putting excessive strain on the nation’s foreign currency reserves.
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