Ghana’s public debt stock increased to GH¢674.1 billion (US$63.1 billion) as of February 2026, representing 42.2% of the country’s Gross Domestic Product (GDP), according to the latest Summary of Economic and Financial Data released by the Bank of Ghana.
The figures indicate a steady rise in the country’s debt levels over recent months. In December 2025, Ghana’s total public debt stood at GH¢641.1 billion (US$61.3 billion), before increasing to GH¢663.4 billion (US$60.6 billion) in January 2026.
Despite the increase in nominal debt, the debt-to-GDP ratio declined from 44.7% in December 2025 to 42.2% in February 2026, reflecting changes linked to GDP growth and exchange rate movements.
According to the report, Ghana’s external debt marginally declined to US$29.3 billion in February 2026, representing 19.6% of GDP, compared to US$29.4 billion recorded in both January 2026 and February 2025.
Domestic debt, however, continued its upward trend, rising to GH¢360.4 billion in February 2026 from GH¢341.0 billion in January 2026. The figure accounted for 22.6% of GDP. In December 2025, domestic debt stood at GH¢333.8 billion.
The report further suggested some signs of relative fiscal stability despite the rising debt stock.
According to the data, Ghana recorded a fiscal deficit-to-GDP ratio of 0.3% in March 2026, while the primary balance posted a surplus of 1.2% of GDP, indicating cautious fiscal management efforts by government authorities.
The latest debt figures come amid ongoing discussions about Ghana’s post-IMF economic recovery strategy and efforts to maintain fiscal discipline while supporting economic growth.
