Ghana’s public debt stock rose by GH¢15.8 billion in July 2025, reaching GH¢628.8 billion, according to new data from the Bank of Ghana.
This represents approximately 44.9% of Gross Domestic Product (GDP).
In dollar terms, the debt stood at $59.9 billion, slightly higher than the $59.4 billion recorded in June 2025.
Between March and June 2025, the country’s debt stock declined sharply by GH¢156.4 billion. The Bank of Ghana’s data showed that total public debt stood at GH¢769.4 billion in March, GH¢730.3 billion in April, and GH¢612.1 billion in May, before settling at GH¢613 billion in June. This was largely attributed to the strong appreciation of the cedi against the dollar.
The July figures also showed that external debt closed at US$29.0 billion, compared to US$29.1 billion in June, representing 21.8% of GDP.
On the domestic front, debt rose to GH¢323.7 billion in July from GH¢312.7 billion in June, accounting for about 23.1% of GDP.
Meanwhile, fiscal operations data showed that the fiscal deficit-to-GDP ratio stood at 1.4% in July 2025, while the primary balance remained in surplus at 0.7% of GDP.
Source: Joy Business
