Ghana’s provisional public debt stock increased to GH¢719.52 billion at the end of June 2026, equivalent to 45.0 percent of Gross Domestic Product (GDP), the Bank of Ghana (BoG) has reported.
The latest figure represents an increase from GH¢641.11 billion, or 44.7 percent of GDP, recorded at the end of December 2025.
The BoG, in its latest Monetary Policy Report, attributed the increase largely to domestic borrowing as the Government sought to build buffers for future debt-service obligations and support budget financing.
At the end of June 2026, domestic debt accounted for 54.4 percent of the total public debt stock, while external debt constituted the remaining 45.6 percent.
Domestic Debt Drives Increase
According to the report, domestic debt rose to GH¢391.12 billion in June 2026 from GH¢333.76 billion in December 2025, representing an increase of GH¢57.36 billion.
The increase was driven by the reopening of the domestic bond market in March 2026, tap issuances of medium- and long-term debt instruments and the recapitalisation of the Bank of Ghana.
The Central Bank said the Government was also taking advantage of relatively lower domestic borrowing costs, which it considered sustainable.
It said the increase formed part of the Government’s net domestic financing strategy and efforts to strengthen its capacity to meet upcoming debt-service commitments.
Cedi Depreciation Raises External Debt Value
The stock of external debt also increased in cedi terms, rising to GH¢328.40 billion in June 2026 from GH¢307.36 billion at the end of December 2025.
The Bank explained that the increase in local currency terms occurred despite a decline in the external debt stock in foreign currency terms, following principal repayments.
The depreciation of the Ghana cedi, it said, increased the local currency value of the country’s external obligations.
Multilateral creditors remained the largest source of external financing, accounting for 41.9 percent of total external debt as of June 2026.
Bilateral creditors accounted for 20 percent, while commercial creditors and international capital market debt represented 9.2 percent and 29.0 percent, respectively.
Short-Term Instruments Dominate Domestic Debt
The report further indicated that short-term instruments remained the largest component of domestic debt, reflecting strong investor demand for government securities, particularly 364-day Treasury bills.
Short-term instruments accounted for 41.0 percent of domestic debt, followed by medium-term instruments at 39.1 percent and long-term instruments at 19.7 percent.
The Bank of Ghana said the increase in domestic borrowing was also part of efforts to build adequate buffers in the Sinking Fund.
Those buffers are intended to support the Government in meeting significant debt-service payments expected from bonds maturing in 2027 and 2028.
