Ghana’s provisional public debt stock rose to GHS719.52 billion at the end of June 2026, or 45.0% of GDP, the Bank of Ghana says in its Monetary Policy Report. That is up from GHS641.11 billion, or 44.7% of GDP, at the end of December 2025.
Domestic borrowing drove the rise. Domestic debt climbed to GHS391.12 billion from GHS333.76 billion — an increase of GHS57.36 billion in six months — and made up 54.4% of the total stock. External debt stood at GHS328.40 billion, or 45.6%.
The central bank says the jump followed the bond market’s reopening in March 2026, tap issuances of medium- and long-term instruments, and the Bank of Ghana’s recapitalisation. Government is also building buffers for large debt-service payments due in 2027 and 2028.
The ratio is tighter than last year’s peak, but the cedi stock is rising again. The Ministry of Finance’s 2026 Mid-Year Fiscal Policy Review puts debt at 61.8% of GDP at end-2024, 44.7% at end-2025, and 45.0% by end-June 2026, already at the statutory 45% debt-to-GDP ceiling years ahead of the 2034 Public Financial Management Act target.