Ghana’s total public debt increased sharply to GH¢674.1 billion in February 2026, up from GH¢663.4 billion recorded in January 2026, according to the May 2026 Summary of Economic and Financial Data released by the Bank of Ghana.
In dollar terms, the country’s debt stock rose to $63.1 billion in February 2026 from $61.3 billion recorded in December 2025.
Despite the increase in the overall debt stock, Ghana’s debt-to-GDP ratio declined to 42.2 percent in February 2026 from 44.7 percent in December 2025, suggesting some improvement in the country’s economic output relative to its debt burden.
The data showed that external debt stood at $29.3 billion in February 2026, representing 19.6 percent of Gross Domestic Product (GDP).
Domestic debt also recorded a significant rise, increasing to GH¢360.4 billion in February from GH¢341 billion in January 2026.
The domestic debt stock accounted for 22.6 percent of GDP.
Analysts attribute the increase in domestic debt largely to government’s continued reliance on the local financial market to finance budget operations and support economic management.
Meanwhile, the latest figures also pointed to improving fiscal performance.
According to the Bank of Ghana data, Ghana recorded a primary surplus of 1.2 percent of GDP in March 2026, while the fiscal deficit-to-GDP ratio stood at 0.3 percent.
The development comes as Ghana transitions from its bailout programme with the International Monetary Fund (IMF) toward a Policy Coordination Instrument (PCI) arrangement aimed at sustaining fiscal discipline and macroeconomic stability.
The improved debt ratio and stronger primary balance could help boost investor confidence and support government’s broader efforts to restore long-term financial sustainability.
