Ghana’s domestic debt increased by GH¢57 billion in the first six months of 2026, pushing the country’s domestic debt stock to GH¢391.115 billion, equivalent to about 24.5 percent of Gross Domestic Product (GDP).
The increase represents approximately 3.6 percent of GDP between December 2025 and June 2026 and was driven largely by increased borrowing through short-term securities.
According to the Bank of Ghana’s July 2026 Monetary Policy Report, the year-to-date increase in domestic debt reflected significant growth across all maturity categories.
Short-term securities increased by GH¢33.432 billion, while medium-term securities rose by GH¢17.249 billion. Long-term securities also increased by GH¢6.763 billion.
The central bank said short-term instruments accounted for the largest share of the increase in the domestic debt stock.
Short-term bills had been the government’s main source of financing until the end of February 2026, when restrictions on contracting new loans expired.
The restrictions had been imposed as part of Ghana’s Domestic Debt Exchange Programme and contributed to the country being largely shut out of the international capital market.
The Bank of Ghana said short-term borrowing had continued to rise, supported by strong investor appetite for 364-day Treasury bills.
“Recently, however, this category has grown due to a strong investor appetite for 364-day T-bills,” the report said.
Medium-term debt also increased during the period, partly due to the depreciation of the cedi, which affected the value of US dollar-denominated bonds, as well as additional issuances, or tap-ins, of existing bonds.
Long-term debt similarly increased due to tap-ins of existing long-term bonds and the recapitalisation of the Bank of Ghana.
As of the end of June 2026, short-term securities accounted for 41.0 percent of Ghana’s domestic debt stock, followed by medium-term instruments at 39.1 percent and long-term securities at 19.7 percent.
Total public debt rises
Meanwhile, Ghana’s provisional public debt stock also increased significantly during the first half of 2026, rising from GH¢641.111 billion, equivalent to 44.7 percent of GDP, in December 2025 to GH¢719.520 billion, or 45.0 percent of GDP, at the end of June 2026.
The GH¢78.409 billion increase was driven mainly by the expansion in domestic debt, which reflected the government’s strategy of building buffers for future debt service obligations and providing budget support.
External debt, when expressed in local currency, increased only marginally during the period, partly reflecting exchange rate pressures.
In terms of the overall composition of Ghana’s public debt, domestic debt accounted for 54.4 percent of the total debt stock, while external debt represented 45.6 percent.
The figures highlight government’s continued reliance on the domestic market to finance its operations and manage upcoming debt service obligations, even as Ghana gradually regains access to broader sources of financing following the completion of key restrictions associated with its debt restructuring programme.
Source: businesspostonline
