Ledger · Sovereign borrowing
Ghana’s domestic debt balance grew faster than external debt through June 2026
Ghana’s central government debt, including government-guaranteed debt, stood at GHS719.52 billion at the end of June 2026. The Ministry of Finance put the domestic share at 54.4%, up from 50.9% a year earlier. The domestic and external balances both rose in cedi terms over the year, with the domestic balance accounting for about three quarters of the total increase.
Sources checked
Domestic stock
Shared scale · 0 GHS bn to 391.12 GHS bn
External stock
Shared scale · 0 GHS bn to 391.12 GHS bn
Both series use a common scale in billions of cedis. Each row shows a quarter-end balance. The gap between domestic and external debt widened from GHS11.27 billion in Q2 2025 to GHS62.72 billion in Q2 2026.
The domestic balance explained most of the increase
From Q2 2025 to Q2 2026, the total stock rose by GHS105.42 billion using the displayed balances. Domestic debt increased by GHS78.44 billion and external debt by GHS26.99 billion. The domestic share rose because its balance grew faster. External debt therefore represented a smaller share of a larger total. Source 1
Quarterly flows tell a different part of the story
In Q2 2026, the ministry recorded GHS92.82 billion of domestic inflows and GHS0.80 billion of external disbursements. It reported GHS73.12 billion in total debt service, of which GHS71.38 billion was domestic. Debt service combines payments on the portfolio, while the change in the outstanding balance also reflects factors such as the currency valuation of external debt. Source 1
Most external debt fell into two creditor categories
Table 3 puts multilateral debt at GHS137.57 billion, or 41.9% of the external balance. Debt classified as international capital markets accounted for GHS95.11 billion, or 29.0%. Bilateral and commercial creditors made up the rest. These percentages use the external balance of GHS328.40 billion as their denominator. Source 1
A larger debt balance can coincide with a lower debt-to-GDP ratio
The total stock rose from GHS641.11 billion at the end of 2025 to GHS686.10 billion at the end of Q1 2026, while the reported ratio moved from 44.7% to 42.9%. A debt-to-GDP ratio depends on both the balance and the GDP denominator used for the reporting period. By Q2 2026 the reported ratio stood at 45.0%. Source 1
Keep historical comparisons within one bulletin
The June 2025 comparison in this dataset is the figure the ministry restated in the September 2026 bulletin. Older editions may show different provisional balances for that same date. Compare like-for-like figures from a single release, and label any later update with its publication date and coverage. Source 1 Source 2