Ghana’s public debt stock rose sharply by GH¢15.8 billion in July 2025, reaching GH¢628.8 billion ($59.9 billion), according to the Bank of Ghana’s latest Summary of Economic and Financial Data released for September.
The July figure represents 44.9% of Gross Domestic Product (GDP) and comes after three consecutive months of debt declines, largely supported by the strong appreciation of the cedi earlier in the year.
The current debt compares with GH¢613 billion in June and GH¢769.4 billion in March, underscoring the volatility of Ghana’s debt trajectory amid exchange rate movements.
Breakdown of debt position
External debt: Held steady at $29.0 billion, representing 21.8% of GDP.
Domestic debt: Rose to GH¢323.7 billion (23.1% of GDP) in July, up from GH¢312.7 billion in June.
On the fiscal side, Ghana posted a fiscal deficit-to-GDP ratio of 1.4% in July, while the primary balance recorded a surplus of 0.7%. Analysts say the data signals continued pressure from domestic borrowing despite earlier relief from currency-driven valuation effects.
In a related development, the rapid appreciation of the cedi against the U.S. dollar has slowed sharply, halving from its mid-year peak as renewed market pressures weigh on the currency.
Year-to-date, the cedi has gained 21% as of September, compared with a 42.6% rally in June, according to central bank data. The currency traded at GH¢12.15 per dollar on the interbank market in September, down from its strongest levels earlier this year. Between June and September, the cedi lost nearly 20% of its value, erasing part of the earlier gains that briefly made it one of the world’s best-performing currencies.
Performance against other major currencies was mixed:
Strengthened 6.9% against the Euro, settling at GH¢14.23.
Gained 11.8% against the British pound, trading at GH¢16.45.
By contrast, in June, the cedi had surged 30.3% against the pound and 25.6% versus the Euro.
Looking ahead to the final quarter of the year, the trajectory of the local currency is expected to be shaped by import demand, remittance flows, and monetary policy adjustments.
Bank of Ghana Governor, Dr. Johnson Asiama, attributed the recent modest depreciation to seasonal trade pressures and weaker-than-expected remittance inflows.
“Remittances have not been as strong as in previous periods. However, the impact on the cedi’s performance has been contained,” Dr. Asiama said at the opening of the Monetary Policy Committee meeting on September 15, 2025.
