By BrownGH.com
Copyright browngh
Ghana’s Public Debt Climbs to GH¢628.8 Billion in July 2025 Amid Currency Pressures
Ghana’s public debt stock rose to GH¢15.8 billion in July 2025, reaching GH¢628.8 billion (US$59.9 billion), according to the Bank of Ghana’s September 2025 Summary of Economic and Financial Data.
The latest figures show the country’s debt now stands at 44.9% of Gross Domestic Product (GDP), reversing three consecutive months of declines earlier this year.
Those earlier declines were largely driven by a strong appreciation of the cedi, which had temporarily eased the valuation of Ghana’s external obligations.
The July figure compares with GH¢613 billion recorded in June and GH¢769.4 billion in March 2025, underscoring the volatility of Ghana’s debt trajectory amid exchange rate fluctuations.
External debt remained broadly flat at US$29.0 billion in July, representing 21.8% of GDP.
However, domestic debt increased to GH¢323.7 billion or 23.1% of GDP, up from GH¢312.7 billion in June, highlighting the government’s growing reliance on local borrowing to finance its operations.
On the fiscal front, the Bank of Ghana reported a deficit-to-GDP ratio of 1.4% in July.
The primary balance, however, registered a surplus of 0.7%, signalling some improvement in the government’s ability to meet its short-term obligations without additional borrowing.
The data paint a mixed picture for Ghana’s fiscal health: while domestic borrowing is rising, the stability of external debt and a small primary surplus may offer temporary relief.
Yet, analysts warn that persistent exchange rate pressures and elevated domestic financing needs could further strain the country’s debt sustainability in the months ahead.
