Ghana’s domestic debt increased by GH¢57 billion, about 3.6% of Gross Domestic Product (GDP) between December 2025 and June 2026 to GH¢391.115 billion, about 24.5% of GDP.

According to the Bank of Ghana, the year-to-date increase in the domestic debt stock came from significant increases in short-term securities by GH¢33.432 billion, medium-term securities by GH¢17.249 billion, and long-term securities by GH¢6.763 billion.

In its July 2026 Monetary Policy Report, the Central Bank said short-term instruments contributed largely to the increase in the domestic debt stock in terms of its maturity structure.

It added that short-term bills had been the major source of financing for government operations up until the end of February 2026, when the restriction placed on undertaking loans expired.

This restriction had been imposed during the Domestic Debt Exchange Programme and led to Ghana being completely shut out of the international capital market.

“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 alluded.

The short-term, medium-term and long-term instruments constituted 41.0%, 39.1% and 19.7%, respectively, of the total domestic debt stock.

Total Public Debt

Meanwhile, the provisional stock of public debt increased significantly at the end of June 2026.

The increase was driven mainly by domestic debt, reflecting the government's plan to build buffers for future debt service obligations and budget support.

External debt, expressed in local currency, rose minimally during this period, due to some exchange rate pressures.

The total public debt increased from a stock of GH¢641.111 billion (44.7% of GDP) in December 2025 to GH¢719.520 billion (45.0% of GDP) in June 2026.

In terms of overall composition, domestic and external debt constituted 54.4% and 45.6% of the total debt stock, respectively.