In July 2025, the total amount of Ghana’s public debt increased by GH¢15.8 billion, to GH¢628.8 billion ($59.9 billion). According to the most recent summary of financial and economic data published for September 2025 by the Bank of Ghana, this is the case.
Following three months of decreases due to the cedi’s rapid appreciation earlier in the year, the gain, which is equivalent to 44.9% of GDP, has now occurred.
The July data illustrates the volatility of the debt trajectory amid exchange rate swings, as it compares to GH¢613 billion in June and GH¢769.4 billion in March.
Nonetheless, domestic debt increased from GH¢312.7 billion to GH¢323.7 billion, or 23.1% of GDP, in just one month.
Ghana reported a 1.4% fiscal deficit compared to a 0.7% primary balance in July.
Both the strain from increased domestic borrowing and the short-term respite from currency-driven valuation impacts are indicated by the numbers.
