Ghana's total public debt to Gross Domestic Product (GDP) ratio rose to 69.8 percent by December 2017 relative to the 68.7 percent recorded in November, statistics showed.
The statistics were released by the central bank ahead of Monday's announcement of the Monetary Policy Committee (MPC) decision on their benchmark policy rate.
In real terms, the debt level increased to 32.2 billion U.S. Dollars in December compared with the 31.4 billion dollars recorded in November.
Over the one month period, total external debt grew to 17.2 billion dollars or 75 .8 billion cedis which is 37.1 percent of GDP relative to 16.9 billion dollars or 74.7 billion cedis which were 37 percent of GDP in November.
Domestic debt, on the other hand, reached 66.7 billion cedis which are 32.7 percent of GDP in December compared with 64.2 billion cedis or 31.8 percent of GDP a month earlier.
Debt sustainability was one of the factors that led the government of Ghana to enter a three-year fiscal support pact with the International Monetary Fund (IMF) in 2015.
At the last country visit early this month, the IMF team urged the government to introduce new revenue measures to enhance revenue out-turn by a minimum of 0.5 percent of GDP before the review of the country's performance by April.
On Thursday, the country raised 1.57 billion Ghana cedis, or 355.7 million U.S. dollars, in a Three-year domestic bond, and seeks to raise up to 2 billion dollars in Eurobonds by end of first quarter.
The government planned to raise a total of 11.13 billion cedis within the first quarter of this year with 8.96 million cedis going to restructure maturing debts.
Earlier in March, economic think tank, Institute for Fiscal Studies (IFS) bemoaned ballooning public debt levels, insisting that the debt substituting strategy would only extend the maturity dates of debts without any significant impact on the cost of debt servicing.