Ghana’s public debt stock increased to GH¢674.1 billion (US$63.1 billion) as of February 2026, equivalent to 42.2% of the country’s Gross Domestic Product (GDP), according to the Bank of Ghana’s May 2026 Summary of Economic and Financial Data.
The data shows a gradual increase from previous months, with the debt standing at GH¢641.1 billion (US$61.3 billion) in December 2025 and GH¢663.4 billion (US$60.6 billion) in January 2026. Interestingly, the debt-to-GDP ratio in December 2025 was higher at 44.7%, reflecting fluctuations due to GDP growth and exchange rate movements.
External debt slightly declined to US$29.3 billion in February 2026, representing 19.6% of GDP, compared to US$29.4 billion in both January and February 2025.
Domestic debt continues to grow, reaching GH¢360.4 billion in February 2026 from GH¢341.0 billion in January 2026, accounting for 22.6% of GDP. In December 2025, domestic debt stood at GH¢333.8 billion.
Despite rising debt levels, Ghana’s fiscal position shows modest stability. The fiscal deficit-to-GDP ratio was 0.3% in March 2026, while the primary balance recorded a surplus of 1.2% of GDP, signaling cautious fiscal management.
