Ghana’s overall public debt rose to GH¢674.1 billion in February 2026, according to the Bank of Ghana’s latest Summary of Economic and Financial Data released in May 2026.
Measured in US dollars, the debt stock reached $63.1 billion, compared to $61.3 billion in December 2025.
Even though the total debt amount increased, the country’s debt-to-GDP ratio fell from 44.7% in December 2025 to 42.2% in February 2026.
The decline reflects stronger economic expansion and better fiscal management.
Figures from the report indicated that external debt remained largely stable at $29.3 billion in February 2026, accounting for 19.6% of GDP.
Domestic debt, however, continued on an upward trend, rising from GH¢341 billion in January to GH¢360.4 billion in February.
This represented approximately 22.6% of the country’s GDP.
The increase in local debt has been linked to the government’s ongoing dependence on the domestic market to fund budgetary activities and support economic management.
At the same time, the government’s fiscal outlook showed improvement.
The fiscal deficit-to-GDP ratio was recorded at 0.3% in March 2026, while the primary balance posted a surplus equivalent to 1.2% of GDP.
The improved debt ratio and primary surplus are expected to boost investor confidence and aid Ghana’s wider push to maintain debt sustainability following its transition from the International Monetary Fund bailout programme to a Policy Coordination Instrument (PCI).