Over the past ten years, Ghana has depended more and more on domestic borrowing to fund its budget and control debt constraints

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Compiled By: Prince Henry Danquah, Bora Capital Advisors Ltd.

Ghana has increasingly relied on domestic borrowing over the past decade to finance its budget and manage debt pressures, mirroring a broader trend across low income countries, according to the International Debt Report 2025.

The report shows that public domestic debt has risen steadily in countries classified under the Low Income Country Debt Sustainability Framework, as governments seek to meet growing financing needs while reducing exposure to foreign exchange risks.

Ghana is cited as one of the frontier economies that successfully deepened its domestic debt market during this period.

Source: newsthemegh.com