Ghana’s total public debt stock increased by GH¢46.7 billion between February and May 2026, reaching GH¢720.8 billion, according to the latest Summary of Economic and Financial Data released by the Bank of Ghana (BoG).
The new data shows a significant increase in Ghana’s public debt over the three months, raising fresh attention to the country’s debt management efforts and fiscal position.
Ghana’s total public debt stood at GH¢674.1 billion in February 2026 before rising to GH¢686.1 billion in March.
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The debt stock increased further to GH¢695.9 billion in April and eventually reached GH¢720.8 billion by May 2026.
The figures represent an increase of approximately 7% in Ghana’s public debt stock over the three months.
The rise comes as the government continues to meet its financing requirements, support economic recovery and fulfil fiscal obligations while implementing measures aimed at restoring long-term macroeconomic stability.
Despite the sharp increase in the cedi value of Ghana’s public debt, the country’s total debt declined when measured in US dollar terms.
According to the Bank of Ghana data, Ghana’s total public debt fell from approximately US$63.2 billion in February 2026 to US$61.5 billion in May 2026.
The decline in the dollar value of the debt stock was largely attributed to the appreciation of the Ghana cedi against major international currencies during the period.
The contrasting figures highlight the impact of exchange-rate movements on Ghana’s public debt position.
While the debt stock increased significantly in cedi terms, the appreciation of the local currency reduced the value of the debt when converted into US dollars.
Debt-to-GDP
The latest Bank of Ghana data also shows an increase in Ghana’s debt-to-GDP ratio.
The ratio rose from 42.2% in February to 45.1% in May 2026, indicating that public debt grew faster than the size of the economy over the period under review.
The development is likely to keep Ghana’s debt sustainability and fiscal consolidation efforts under scrutiny as the government continues implementing economic reforms under its IMF-supported programme.
The debt-to-GDP ratio remains a key indicator used by policymakers and international institutions to assess the sustainability of a country’s debt burden.
However, economists and policymakers have increasingly emphasised the need to examine other indicators, including government revenue, debt-servicing costs, export earnings and foreign exchange availability, when assessing Ghana’s overall debt sustainability.
The Bank of Ghana data further indicates that Ghana’s external debt increased from GH¢313.6 billion in February to GH¢341.7 billion in May 2026.
The external debt stock represented approximately 21.4% of GDP during the period.
The increase in external debt comes amid ongoing efforts by the government to manage the country’s international debt obligations and restore access to international capital markets following the implementation of Ghana’s debt restructuring programme.
Ghana’s domestic debt also recorded an upward movement during the period.
The country’s domestic debt stock rose to approximately GH¢379.1 billion in May 2026, accounting for about 23.7% of GDP.
The increase reflects continued reliance on the domestic financial market to meet government financing requirements and refinance maturing obligations.
The trend is expected to remain a key issue for fiscal policymakers, particularly as the government seeks to balance domestic borrowing with efforts to avoid excessive pressure on interest rates and private-sector credit.
Eurobond repayment
The latest public debt figures come shortly after the government announced the full settlement of a US$700 million Eurobond obligation ahead of schedule.
According to the Ministry of Finance, the payment was completed on Thursday, July 2, 2026.
The settlement comprised US$525.2 million in principal repayments and US$174.8 million in interest payments.
The Ministry of Finance said the latest payment brings Ghana’s cumulative repayments to Eurobond holders to approximately US$2.1 billion since January 2025 under the country’s Eurobond Debt Exchange Programme.
The government maintains that the latest Eurobond repayment was financed through pre-arranged funding mechanisms and was completed without placing undue pressure on Ghana’s foreign exchange reserves.
Debt sustainability
The latest increase in Ghana’s public debt stock is expected to intensify discussions about the country’s debt sustainability and fiscal consolidation programme.
Although the decline in the dollar value of the debt provides some relief, the rise in the cedi-denominated debt stock and the increase in the debt-to-GDP ratio highlight the continued challenges facing Ghana’s public finances.
The government’s ability to strengthen domestic revenue mobilisation, control expenditure, manage debt-servicing obligations and sustain economic growth will remain critical to the country’s efforts to stabilise its debt position.
With Ghana continuing to implement reforms under its IMF-supported economic programme, developments in the country’s public debt stock, debt-to-GDP ratio and debt-servicing costs are expected to remain closely monitored by investors, policymakers and international financial institutions.