Ghana’s total public debt stock climbed to GH¢674.1 billion in February 2026, according to the latest Summary of Economic and Financial Data released by the Bank of Ghana.
In dollar terms, the country’s debt increased to $63.1 billion from the $61.3 billion recorded at the end of December 2025, reflecting a continued rise in the nation’s borrowing levels.
Despite the increase in the overall debt stock, the country’s debt-to-GDP ratio improved significantly, declining from 44.7 percent in December 2025 to 42.2 percent in February 2026. The decline points to stronger economic growth and signs of improving fiscal conditions.
The Bank of Ghana’s data showed that Ghana’s external debt remained relatively stable during the period, standing at $29.3 billion, equivalent to 19.6 percent of GDP.
Domestic debt, however, recorded a sharp increase. It rose from GH¢341 billion in January 2026 to GH¢360.4 billion in February, accounting for 22.6 percent of GDP.
The increase in domestic borrowing reflects the government’s growing dependence on the local market to finance budgetary activities and sustain economic operations.
Meanwhile, the country’s fiscal indicators showed some improvement in the first quarter of the year.
According to the report, Ghana recorded a fiscal deficit-to-GDP ratio of 0.3 percent in March 2026, while the primary balance posted a surplus of 1.2 percent of GDP.
However, improving debt ratio and primary surplus could boost investor confidence and support Ghana’s efforts to maintain debt sustainability following its transition from the International Monetary Fund bailout programme to a Policy Coordination Instrument (PCI).
