Ghana’s public debt stock rose to GH¢674.1 billion in February 2026, according to the latest Summary of Economic and Financial Data for May 2026 released by the Bank of Ghana.
In dollar terms, the total debt increased to $63.1 billion, up from $61.3 billion recorded in December 2025, reflecting continued borrowing pressures within the economy.
However, despite the rise in nominal debt, key fiscal indicators point to an improvement in debt sustainability. The country’s debt-to-GDP ratio declined to 42.2 per cent in February 2026, down from 44.7 per cent in December 2025, suggesting stronger economic output and relatively improved fiscal management.
External debt remained broadly stable at $29.3 billion, representing 19.6 per cent of GDP, with little change over the review period.
Domestic borrowing, however, continued its upward trajectory, rising to GH¢360.4 billion in February from GH¢341 billion in January. This now accounts for about 22.6 per cent of GDP, underscoring the government’s continued reliance on the local financial market to support budgetary operations and liquidity management.
On the fiscal side, the data shows further signs of consolidation. The fiscal deficit-to-GDP ratio narrowed to 0.3 per cent in March 2026, while the primary balance recorded a surplus of 1.2 per cent of GDP—an indication that revenues are increasingly covering non-interest expenditures.
Analysts note that the combination of a declining debt ratio and a primary surplus could strengthen investor confidence and support Ghana’s broader economic recovery efforts.
This comes as Ghana continues post-programme engagement following its exit from the International Monetary Fund International Monetary Fund (IMF) bailout arrangement and transition to a Policy Coordination Instrument (PCI), aimed at maintaining macroeconomic stability and reform discipline.
