Ghana’s public debt has escalated sharply to GH¢628.8 billion as of July 2025, marking a reversal from earlier declines and highlighting the country’s ongoing economic challenges, according to the latest fiscal data released by the Ministry of Finance.
The figure represents 44.9% of the nation’s Gross Domestic Product (GDP), undoing three consecutive months of reductions earlier in the year. This uptick underscores the fragility of Ghana’s debt management efforts in the face of fluctuating exchange rates and external pressures.
Analysts attribute the previous drops primarily to a robust appreciation of the Ghanaian cedi against major currencies, which temporarily lowered the value of the country’s external debt obligations. However, recent currency depreciation has reversed these gains, exposing the volatility inherent in Ghana’s debt profile.
The July debt level marks a GH¢15.8 billion increase from June’s GH¢613 billion. For context, the debt stood at a higher GH¢769.4 billion in March 2025, illustrating the erratic trajectory influenced by forex market dynamics.
Economists warn that sustained cedi weakness could further inflate the debt stock, potentially straining Ghana’s fiscal resources and complicating efforts to achieve debt sustainability under ongoing international bailout programs. The government has been urged to prioritize structural reforms to mitigate such risks, including bolstering foreign reserves and diversifying export revenues.
As Ghana navigates its post-pandemic recovery and global economic headwinds, stakeholders are closely monitoring upcoming fiscal updates for signs of stabilization.