A different angle would be to focus on the government’s growing reliance on short-term domestic borrowing and what is driving the shift, rather than simply reporting the GH¢57 billion increase.
The government’s reliance on the domestic debt market has intensified in 2026, with Ghana’s domestic debt stock rising by GH¢57 billion in the first half of the year.
According to the Bank of Ghana’s July 2026 Monetary Policy Report, domestic debt increased from GH¢334.1 billion in December 2025 to GH¢391.1 billion by June 2026.
Short-term borrowing accounted for more than half of the increase, rising by GH¢33.4 billion, largely on the back of increased issuance of Treasury bills.
The Bank of Ghana said demand for 364-day Treasury bills remained strong, allowing the government to raise more funds from the short-term segment of the domestic market.
Medium-term domestic debt also increased by GH¢17.2 billion, while long-term debt rose by GH¢6.8 billion during the period.
The increase in medium-term debt was partly attributed to the depreciation of the cedi, which raised the cedi value of dollar-denominated bonds, as well as additional borrowing through tap-ins of existing bonds.
The latest increase comes after restrictions on government borrowing introduced under the Domestic Debt Exchange Programme expired in February 2026.
With Ghana’s access to international borrowing remaining limited, the government has increasingly turned to the domestic market to mobilise funds for its financing needs.
The Bank of Ghana said the increased borrowing was also linked to efforts to build resources to meet future debt-service obligations and support the national budget.
Meanwhile, Ghana’s overall public debt rose by GH¢78.4 billion, from GH¢641.1 billion at the end of December 2025 to GH¢719.5 billion by June 2026.
Despite the increase in the nominal debt stock, the public debt-to-GDP ratio edged up only slightly from 44.7 per cent to 45 per cent.
Domestic debt now represents 54.4 per cent of Ghana’s total public debt, compared with 45.6 per cent for external debt.
The figures highlight the government’s growing dependence on the local debt market at a time when access to external financing remains constrained, with short-term Treasury instruments accounting for a significant share of the new borrowing.
