Ghana’s public debt rises to 719.520 billion Ghanaian cedis — MyJoyOnline
In Ghana, total public debt rose to 719.520 billion Ghanaian cedis as of the end of June 2026, or 45% of gross domestic product. At the end of December 2025, the figure stood at 641.111 billion cedis, equivalent to 44.7% of GDP.
As MyJoyOnline reports, citing the Bank of Ghana, domestic debt was the main driver of the increase. From December 2025 to June 2026, it grew by 57 billion cedis — approximately 3.6% of GDP — to 391.115 billion cedis, or 24.5% of GDP.
Structure of domestic debt
According to the central bank, the largest increase was in short-term securities, which rose by 33.432 billion cedis. The volume of medium-term instruments increased by 17.249 billion cedis, while long-term instruments rose by 6.763 billion cedis.
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Short-term instruments accounted for 41% of domestic debt, medium-term instruments for 39.1%, and long-term instruments for 19.7%. The Bank of Ghana noted that until the end of February 2026, short-term bills were the main source of financing for government operations. At the end of that month, the borrowing restriction introduced during the domestic debt exchange programme expired.
Reasons for the increase in liabilities
The regulator linked the recent increase in short-term liabilities to strong investor demand for 364-day Treasury bills. Medium-term debt rose, in particular, due to the depreciation of the national currency, which affected US dollar-denominated bonds, as well as additional issuances of existing securities.
Long-term debt increased as a result of additional issuances of long-term bonds and the recapitalisation of the Bank of Ghana. According to the source, the increase in total debt was mainly driven by domestic debt, as the government planned to build reserves for future debt servicing and budget support. Domestic debt accounted for 54.4% of the total, while external debt accounted for 45.6%.
