Ghana’s domestic debt stock increased by GH¢57.115 billion between December 2025 and June 2026, reaching GH¢391.115 billion – roughly 24.5% of the country’s gross domestic product, the Bank of Ghana reported.
The rise stemmed from significant upticks in short‑term securities (GH¢33.432 billion), medium‑term securities (GH¢17.249 billion) and long‑term securities (GH¢6.763 billion). In its July 2026 Monetary Policy Report, the central bank noted that short‑term instruments were the main driver of the overall increase, citing a strong investor appetite for 364‑day Treasury bills after the expiry of a borrowing restriction that had previously kept Ghana out of the international capital market.
Medium‑term debt grew year‑to‑date, partly due to the depreciation of the local currency affecting USD‑denominated bonds and the tap‑ins of existing bonds. Long‑term debt also rose because of tap‑ins of existing long‑term bonds and the Bank of Ghana’s recapitalisation. The short‑term, medium‑term and long‑term instruments now represent 41.0%, 39.1% and 19.7% of the total domestic debt stock, respectively.
Meanwhile, the provisional stock of public debt at the end of June 2026 jumped to GH¢719.520 billion, up from GH¢641.111 billion in December 2025. The increase was largely driven by domestic debt, reflecting the government’s strategy to build buffers for future debt‑service obligations and budget support. External debt, expressed in local currency, rose only slightly amid exchange‑rate pressures.
Overall, domestic and external debt now constitute 54.4% and 45.6% of the total debt stock, with the total public debt now standing at 45.0% of GDP.
