The Bank of Ghana’s latest summary of economic and financial data released for September 2025 has shown a rise in the country’s public debt.
The debt stock, according to the central bank’s latest figures, shot up by GH¢15.8 billion in July 2025, making the total figure reach GH¢628.8 billion, which is equivalent to US$59.9 billion.
This rise was occasioned by the drop in the value of the cedi for three consecutive months, driven by the sharp appreciation of the local currency in the early part of the year.
The debt increase is equivalent to 44.9% of the country’s Gross Domestic Product (GDP).
The July figure compares with GH¢613 billion in June and GH¢769.4 billion in March, highlighting the volatility of the debt trajectory amid exchange rate movements.
While external debt was broadly flat at US$29.0 billion in July, representing 21.8% of GDP, domestic debt rose to GH¢323.7 billion or 23.1% of GDP, from GH¢312.7 billion a month earlier.
On the fiscal side, Ghana posted a deficit-to-GDP ratio of 1.4% in July, while the primary balance showed a surplus of 0.7%.
The figures signal both the pressure from rising domestic borrowing and the temporary relief from currency-driven valuation effects.
Mahama’s performance is much worse than mine’ – Akufo-Addo on Ghana’s debt stock
