Ghana’s public debt rises to GH¢674.1 billion in February 2026

Ghana's public debt stock rose to GH¢674.1 billion as of February 2026, accounting for 42.2 percent of the country's gross domestic product. In dollar terms, the debt stock stood at US$63.1 billion.

According to the Bank of Ghana's May 2026 Summary of Economic and Financial Data, the country's total public debt was US$61.3 billion in December 2025 and US$60.6 billion in January 2026.

Although the nominal debt stock increased, the debt-to-GDP ratio declined to 42.2 percent in February 2026 from 44.7 percent in December 2025, reflecting stronger economic growth and improved fiscal performance. External debt remained relatively stable at US$29.3 billion in February 2026, accounting for 19.6 percent of GDP.

Meanwhile, domestic debt increased from GH¢341 billion in January to GH¢360.4 billion in February 2026, representing 22.6 percent of GDP.

This increase reflects the government's continued reliance on the local market to finance budgetary activities and support economic management. The government's fiscal performance showed signs of improvement, with a fiscal deficit-to-GDP ratio of 0.3 percent in March 2026 and a primary balance surplus of 1.2 percent of GDP.

The improving debt-to-GDP ratio and primary surplus are expected to boost investor confidence and support Ghana's efforts to restore debt sustainability, particularly as the country transitions from the International Monetary Fund Extended Credit Facility program to a Policy Coordination Instrument.