BoG Data Shows GHS 15.8bn Increase in Public Debt for July 2025
Ghana’s public debt stock increased 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 debt-to-GDP ratio stood at 44.9%, reversing a three-month declining trend that had been supported by the cedi’s strong appreciation earlier in the year.
The July figure compares with GH¢613 billion recorded in June and GH¢769.4 billion in March, underlining the volatility of the country’s debt trajectory amid exchange rate fluctuations.
External debt remained broadly unchanged at $29.0 billion, equivalent to 21.8% of GDP. However, domestic debt climbed to GH¢323.7 billion, or 23.1% of GDP, from GH¢312.7 billion in June, underscoring rising pressure from local borrowing.
On the fiscal front, the budget deficit was recorded at 1.4% of GDP in July, while the primary balance registered a surplus of 0.7%.
The latest data point to the delicate balance between currency valuation gains and sustained borrowing needs, with domestic debt emerging as the key driver of the recent increase in Ghana’s overall debt stock.
