Ghana’s total public debt reached GHS 719.520 billion by June 2026. This figure represents a substantial increase from GHS 641.111 billion recorded in December 2025. The rise was primarily driven by a significant surge in domestic debt during this period.
Domestic debt alone increased by GHS 57 billion, reaching GHS 391.115 billion by June 2026. This increase accounts for approximately 3.6% of Ghana’s Gross Domestic Product (GDP). The Bank of Ghana identified significant increases in short-term securities, which rose by GHS 33.432 billion, as a primary driver. Medium-term securities also increased by GHS 17.249 billion, and long-term securities by GHS 6.763 billion.
This debt accumulation reflects Ghana's ongoing fiscal challenges and the government's strategy to build financial buffers. The country has been navigating a complex economic landscape, including the aftermath of the Domestic Debt Exchange Programme. That programme had restricted the government's ability to undertake new loans until February 2026. The current reliance on short-term instruments suggests a continued need for immediate financing for government operations. This trend could impact future interest rate environments and the cost of borrowing for the state.
The Bank of Ghana’s July 2026 Monetary Policy Report highlighted the role of short-term instruments. These instruments contributed largely to the increase in the domestic debt stock. Short-term bills served as a major source of financing for government operations. This continued until the restriction on undertaking loans expired in February 2026. The central bank noted a strong investor appetite for 364-day Treasury bills. This appetite has further fueled the growth in this category of debt.
The depreciation of the local currency also played a role in the increase in medium-term debt. This depreciation affected USD-denominated bonds, making them more expensive in cedi terms. Additionally, the recapitalisation of the Bank of Ghana contributed to the rise in long-term debt. These factors collectively underscore the multifaceted pressures on Ghana’s public finances. The overall composition of the total debt stock shows domestic debt at 54.4% and external debt at 45.6%.
Decision-makers will closely monitor these debt figures for their implications on fiscal sustainability. The continued reliance on short-term debt could expose the government to refinancing risks. This means the risk of having to borrow new money at higher rates to pay off old debts. Investors will also watch for any potential impact on the cedi's stability. The government's ability to manage this growing debt will be crucial for maintaining economic confidence. Future policy decisions will likely focus on revenue generation and expenditure control to address these rising liabilities. The Bank of Ghana's future monetary policy statements will provide further insights into these trends.