Ghana’s domestic debt increased by GH¢57 billion between December 2025 and June 2026, as the government relied more heavily on borrowing from the local market.
The Bank of Ghana (BoG) said domestic debt rose from GH¢334.1 billion in December 2025 to GH¢391.1 billion by June 2026.
Short-term borrowing, mainly through Treasury bills, accounted for the largest portion of the increase, rising by GH¢33.4 billion.
Medium-term debt increased by GH¢17.2 billion, while long-term debt went up by GH¢6.8 billion.
“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,” the BoG stated.
According to the Bank of Ghana’s July 2026 Monetary Policy Report, demand for 364-day Treasury bills has remained strong, leading to an increase in the government’s short-term borrowing.
The increase also follows the expiration in February 2026 of restrictions on government borrowing introduced under the Domestic Debt Exchange Programme.
With the government largely cut off from international borrowing, it has increasingly turned to the domestic market to raise funds.
The BoG also noted that the depreciation of the cedi increased the value of some dollar-denominated bonds when converted into cedis. The government also added to some existing bonds through tap-ins.
Meanwhile, Ghana’s total public debt increased by GH¢78.4 billion, from GH¢641.1 billion in December 2025 to GH¢719.5 billion in June 2026.
However, the debt-to-GDP ratio increased only slightly, from 44.7% to 45%.
Domestic debt now accounts for 54.4% of Ghana’s total public debt, while external debt accounts for 45.6%.
The BoG said the increase in domestic debt was mainly driven by the government’s efforts to build funds to meet future debt-service obligations and support the budget.