Ghana's Debt Rises to GH¢628.8bn as Exports Hit $17bn

Ghana's economic landscape presents a mixed picture this week, with rising public debt contrasting with strong export performance and growing trade surplus. As the nation navigates these complex dynamics, financial institutions are combating emerging cyber threats while new opportunities in green energy emerge on the horizon.

Ghana's Public Debt Rises to GH¢628.8 Billion in July 2025

Ghana's public debt stock increased by GH¢15.8 billion in July 2025, reaching GH¢628.8 billion ($59.9 billion), according to the Bank of Ghana's latest economic data. This represents 44.9% of Gross Domestic Product (GDP) and marks a reversal after three consecutive months of declines driven by the cedi's earlier appreciation.

The debt composition shows:

• External debt: Broadly flat at $29.0 billion (21.8% of GDP)

• Domestic debt: Increased to GH¢323.7 billion (23.1% of GDP) from GH¢312.7 billion in June

  
  

Despite the increase, Ghana maintained a fiscal deficit-to-GDP ratio of 1.4% in July, with a primary balance surplus of 0.7%. The figures highlight both the pressure from rising domestic borrowing and the temporary relief from currency-driven valuation effects earlier in the year.

GCB Bank Issues Warning Over "AfriQuantumX" Investment Scam

GCB Bank PLC has issued an urgent public warning regarding a fraudulent social media promotion falsely advertising an investment scheme called "AfriQuantumX" as an official GCB product.

In a statement released on September 16, the bank clarified that it has not launched any investment offering under this name and urged customers to:

• Avoid clicking on associated links

• Never share personal or banking details

• Not transfer funds in response to these posts

  
  

The bank reiterated its commitment to combating cyber fraud and advised the public to verify any suspicious messages through official communication channels. This warning comes amid growing concerns about sophisticated financial scams targeting Ghanaian investors.

Ghana's Export Earnings Reach $17 Billion by August 2025

Ghana's trade performance showed remarkable strength, with total export earnings reaching $17 billion by the end of August 2025, according to Bank of Ghana data.

The export breakdown reveals:

• Gold: $11.7 billion (compared to $6.6 billion in July 2024)

• Cocoa: $2.4 billion (up from $915 million)

• Oil: $1.8 billion (down from $2.7 billion)

  
  

On the import side, spending totaled $11.7 billion, with:

• Oil imports: $3.7 billion (sharp decline from $10.2 billion in 2024)

• Non-oil imports: $8 billion (up from $7 billion)

  
  

This robust performance resulted in a trade surplus of $6.1 billion. Gross international reserves stood at $10.7 billion at the end of August, covering approximately 4.5 months of imports.

Bank of Ghana Governor Dr. Johnson Asiama attributed the strong trade position to robust gold exports and higher cocoa receipts, noting that the cedi remains one of the strongest currencies globally year-to-date, appreciating by about 21% as of September 12, 2025.

Investor's Insight – Ghana's Green Hydrogen Opportunity in EU Market

Ghana's high solar capacity and port infrastructure position it as an ideal supplier of cost-competitive green hydrogen to the European Union, which aims to import 20 million tons annually by 2030 under its REPowerEU plan.

Investment opportunities exist in:

• Electrolyzer projects for hydrogen production

• Liquefaction terminals for export infrastructure

• Offtake agreements with European industrial buyers

  
  

This emerging sector represents a significant opportunity for investors looking to capitalize on both Ghana's renewable resources and the EU's clean energy transition.

The economic data reveals Ghana's complex financial narrative: while debt levels have increased, strong export performance and a healthy trade surplus provide counterbalancing strengths. The rising domestic debt component warrants attention, but the overall debt-to-GDP ratio remains manageable compared to historical levels.

The robust export figures, particularly in gold and cocoa, demonstrate Ghana's continued competitiveness in global commodity markets. However, the emergence of sophisticated investment scams highlights the need for increased financial literacy and cybersecurity vigilance among the public.

For investors, Ghana's strong fundamentals, evidenced by the trade surplus and currency performance, coupled with emerging opportunities in green energy, present a compelling case for cautious optimism. The key will be navigating the debt management challenges while capitalizing on the nation's export strengths and renewable energy potential.

Stay tuned to the Cedi Board® for real-time updates on Ghana's financial pulse. From prices and policy to investment tips that help you make sense of the numbers.