Ghana’s total public debt stock has risen to GH¢674.1 billion as of February 2026, according to the latest Bank of Ghana Summary of Economic and Financial Data.
The figure represents about 42.2% of Gross Domestic Product (GDP), showing a slight improvement in the debt-to-GDP ratio compared to 44.7% recorded in December 2025, even though the overall debt stock continues to increase.
In dollar terms, the country’s total debt stood at approximately US$63.1 billion, up from US$61.3 billion in December 2025, reflecting continued borrowing pressures on the economy.
The data shows that domestic debt rose sharply to GH¢360.4 billion, driven mainly by government borrowing on the local bond and treasury market, making it the largest component of the debt stock.
External debt, on the other hand, stood at about US$29.3 billion, showing relative stability over the period.
Despite the increase in nominal debt, the report indicates some improvement in fiscal performance. Ghana recorded a fiscal deficit of 0.3% of GDP in March 2026, while the primary balance posted a surplus of 1.2% of GDP, suggesting tighter fiscal management under ongoing reforms.
Although the debt-to-GDP ratio has improved, the continued rise in nominal debt remains a concern due to high domestic borrowing costs, rising interest payments, and persistent revenue challenges.
The latest figures come amid Ghana’s ongoing implementation of an IMF-supported Extended Credit Facility programme aimed at restoring debt sustainability, strengthening fiscal discipline, and stabilising the economy.
