Ghana’s debt-to-GDP ratio is projected to rise to 53.0% by the end of 2026, up from 45.3% recorded in 2025, according to the International Monetary Fund (IMF).
The projection is contained in the IMF’s latest Fiscal Monitor Report, released on the sidelines of the 2026 Spring Meetings of the IMF and World Bank in Washington, D.C.
Although the report does not explicitly outline the specific drivers of the anticipated increase, it notes that government debt and interest rate projections are based on a post-debt restructuring scenario.
Ghana’s debt-to-GDP ratio stood at 61.8% in 2024, with total public debt estimated at GH¢726.7 billion, according to data from the Bank of Ghana.
By 2025, the ratio had declined significantly to 45.3%, with total debt easing to GH¢641 billion.
Despite the recent improvement, analysts warn that the outlook remains vulnerable to shifts in borrowing patterns, exchange rate fluctuations, and overall economic growth.
Market watchers argue that increased borrowing and further depreciation of the cedi could worsen the debt trajectory and weigh on growth.
In April 2026, the government raised approximately GH¢2.7 billion through a 7-year bond issuance, marking a return to long-term domestic borrowing following the Debt Exchange Programme.
Finance Minister Cassiel Ato Forson has outlined measures to maintain debt sustainability, including expanding access to concessional financing, rebuilding the Sinking Fund, implementing debt reprofiling and buyback programmes, and enhancing transparency in debt reporting.
Ghana is targeting a return to a moderate risk of debt distress by 2028.
Globally, the IMF has warned of rising public debt pressures, projecting that worldwide debt could reach 100% of GDP by 2029.
The Fund is therefore urging countries to pursue credible and well-sequenced fiscal adjustments to address growing vulnerabilities in the global financial system.
By: Martha Seyram Jackson | Metrotvonline.com | Ghana
