The continuous huge borrowing on the domestic market culminated in Ghana’s domestic debt outpacing external debt for the first time in several years.

According to data from the Bank of Ghana, domestic debt stood at GH¢323.7 billion, about 23.1% of Gross Domestic Debt, whilst external debt stood at GH¢305.0 billion, about 21.8% of GDP.

The Central Bank attributed the increase in domestic borrowings on the back of expected coupon payment obligations of the government on both tendered and untendered bonds in February and August 2025, resulting in higher borrowings to build buffer.

Meanwhile, the stock of public debt at the end of July 2025 stood at GH¢628.8 billion, representing 44.9%of GDP.

This shows a reduction of GH¢98.0 billion over the stock of GH¢726.7 billion (61.78% of GDP) recorded for end-December 2024.

This was as a result of the combined effects of exchange rate appreciation and a slower pace in debt accumulation resulting in a reduction in the stock of total public debt at the end of July 2025.