Ghana’s total public debt stock rose to GH¢674.1 billion in February 2026. This information is derived from the most recent Summary of Economic and Financial Data for May 2026, published by the Bank of Ghana.
In terms of dollars, the nation’s debt was recorded at $63.1 billion, an increase from $61.3 billion noted in December 2025.
Despite the rise in nominal debt stock, Ghana’s debt-to-GDP ratio fell to 42.2% in February 2026, down from 44.7% in December 2025. This indicates stronger economic growth and enhanced fiscal performance.
The data revealed that external debt was $29.3 billion in February 2026, accounting for 19.6% of GDP and remaining relatively stable during the period.
Conversely, domestic debt continued to escalate, reaching GH¢360.4 billion in February, up from GH¢341 billion in January. This represented approximately 22.6% of GDP.
The increase in domestic debt is attributed to the government’s ongoing dependence on the local market to finance budgetary operations and manage the economy.
In the meantime, the government’s fiscal performance exhibited signs of improvement. The fiscal deficit-to-GDP ratio was recorded at 0.3% in March 2026, while the primary balance showed a surplus of 1.2 percent of GDP.
The improving debt ratio and primary surplus may bolster investor confidence and aid the country’s broader initiatives to restore debt sustainability, particularly as the nation transitions from its International Monetary Fund (IMF) bailout package to a Policy Coordination Instrument (PCI).
