Ghana’s domestic debt rose by about GH¢57 billion between December 2025 and June 2026, reaching GH¢391.115 billion. The increase was equivalent to roughly 3.6% of Gross Domestic Product (GDP), bringing the domestic debt stock to 24.5% of GDP.

Figures in the Bank of Ghana’s July 2026 Monetary Policy Report show that short-term securities accounted for the largest increase, rising by GH¢33.432 billion. Medium-term securities grew by GH¢17.249 billion, while long-term securities added GH¢6.763 billion.

The government relied mainly on short-term bills to finance its operations until borrowing restrictions under the Domestic Debt Exchange Programme expired at the end of February 2026. Ghana had also been shut out of international capital markets during this period.

Demand for 364-day Treasury bills has since supported further growth in short-term debt.

“Recently, however, this category has grown due to a strong investor appetite for 364-day T-bills. Again, medium-term debt increased year-to-date due to the depreciation of the local currency, which affected USD-denominated bonds, alongside tap-ins of existing bonds. Long-term debt also increased because of tap-ins of existing long-term bonds and recapitalisation of the Bank of Ghana”, the report stated.

Short-term instruments represented 41.0% of domestic debt, followed by medium-term instruments at 39.1% and long-term instruments at 19.7%.

Total public debt reaches GH¢719.520 billion

Ghana’s provisional public debt stock also increased over the six-month period, moving from GH¢641.111 billion in December 2025 to GH¢719.520 billion in June 2026. As a share of GDP, total debt rose from 44.7% to 45.0%.

Domestic debt drove most of the increase as the government raised funds to support the budget and build reserves for future debt repayments.

External debt recorded a smaller increase when expressed in cedis, reflecting some pressure on the exchange rate.

By the end of June, domestic borrowing accounted for 54.4% of Ghana’s total public debt, while external debt made up the remaining 45.6%.