Accra: Ghana's domestic debt increased by GHS57 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 GHS334.1 billion in December 2025 to GHS391.1 billion by June 2026.
According to Ghana Web, short-term borrowing, mainly through Treasury bills, accounted for the largest portion of the increase, rising by GHS33.4 billion. Medium-term debt increased by GHS17.2 billion, while long-term debt went up by GHS6.8 billion. Investors offered the government GHS9.9 billion in the latest T-Bills auction.
The BoG stated that 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. 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 GHS78.4 billion, from GHS641.1 billion in December 2025 to GHS719.5 billion in June 2026. However, the debt-to-GDP ratio increased only slightly, from 44.7% to 45%.