Ghana’s total public debt stock increased to GH¢674.1 billion in February 2026, according to the latest Summary of Economic and Financial Data released by the Bank of Ghana.
In dollar terms, the country’s debt rose to $63.1 billion, compared to $61.3 billion recorded in December 2025.
Despite the increase in the nominal debt stock, Ghana’s debt-to-GDP ratio declined significantly to 42.2% in February 2026 from 44.7% in December 2025, reflecting stronger economic growth and improved fiscal management.
Also read: The Front pages: Wednesday, 20th May, 2026 (Newspapers)
The data showed that Ghana’s external debt stood at $29.3 billion in February 2026, representing 19.6% of gross domestic product. This figure remained broadly unchanged over the review period.
Domestic debt, however, continued its upward trend, rising to GH¢360.4 billion in February 2026 from GH¢341 billion in January.
This accounted for 22.6% of GDP and underscores the government’s continued reliance on the domestic bond market to finance budget operations and support economic management.
FGhana’s fiscal indicators also pointed to improving public finances.
The fiscal deficit-to-GDP ratio stood at 0.3% in March 2026, while the primary balance recorded a surplus of 1.2% of GDP.
The primary surplus indicates that government revenue exceeded expenditure, excluding interest payments, a key benchmark used by investors and development partners to assess fiscal discipline.
The decline in the debt-to-GDP ratio, coupled with the primary surplus, is expected to strengthen investor confidence and support Ghana’s ongoing efforts to restore long-term debt sustainability.
The latest public debt figures come as Ghana transitions from its International Monetary Fund (IMF) Extended Credit Facility (ECF) programme to a new Policy Coordination Instrument (PCI), aimed at preserving macroeconomic stability and deepening structural reforms.