By Amoako Kwame
Ghana’s public debt stock increased to GH¢674.1 billion as of February 2026, representing 42.2 per cent of the country’s gross domestic product (GDP).
In dollar terms, the debt stock stood at US$63.1 billion.
According to the May 2026 Summary of Economic and Financial Data published by the Bank of Ghana, the country’s total public debt stood at US$61.3 billion (GH¢641.1 billion) in December 2025 before increasing to US$60.6 billion (GH¢663.4 billion) in January 2026.
Although the nominal debt stock increased, the debt-to-GDP ratio declined to 42.2 per cent in February 2026 from 44.7 per cent in December 2025, reflecting stronger economic growth and improved fiscal performance.
Data from the Bank of Ghana showed that external debt remained largely unchanged at US$29.3 billion in February 2026, accounting for 19.6 per cent of GDP.
Meanwhile, domestic debt continued to rise, increasing from GH¢341 billion in January to GH¢360.4 billion in February 2026.
This represented 22.6 per cent of GDP.
The increase in domestic debt reflects the government’s continued reliance on the local market to finance budgetary activities and support economic management.
At the same time, the government’s fiscal performance showed signs of improvement.
The fiscal deficit-to-GDP ratio was recorded at 0.3 per cent in March 2026, while the primary balance posted a surplus of 1.2 per cent of GDP.
The improving debt-to-GDP ratio and primary surplus are expected to boost investor confidence and support Ghana’s broader efforts to restore debt sustainability, particularly as the country transitions from the International Monetary Fund Extended Credit Facility programme to a Policy Coordination Instrument (PCI).
