Ghana’s total public debt stock increased to GH¢674.1 billion as of February 2026, according to the latest Summary of Economic and Financial Data released by the Bank of Ghana in May 2026.
In US dollar terms, the country’s debt rose to $63.1 billion from $61.3 billion recorded in December 2025.
Despite the nominal increase, Ghana’s debt-to-GDP ratio improved significantly, declining to 42.2% in February 2026 from 44.7% in December 2025. Officials attribute this positive development to stronger economic growth and improved fiscal performance.
External and Domestic Debt Breakdown
The data showed that external debt remained broadly stable at $29.3 billion, representing 19.6% of GDP.
Domestic debt, however, continued its upward trend, rising to GH¢360.4 billion in February 2026 from GH¢341 billion in January. This component now accounts for approximately 22.6% of GDP. The increase is largely driven by the government’s ongoing reliance on the local market to finance its budget operations and support economic management.
Positive Fiscal Indicators
The government’s fiscal performance has shown notable improvement in recent months. The fiscal deficit-to-GDP ratio stood at a modest 0.3% in March 2026, while the primary balance recorded a surplus of 1.2% of GDP.
These developments come as Ghana transitions from its International Monetary Fund (IMF) bailout programme to a Policy Coordination Instrument (PCI), with authorities hoping the improving debt metrics and primary surplus will boost investor confidence and reinforce debt sustainability efforts.