Ghana’s total public debt stock increased by GH¢46.7 billion between February and May 2026, reaching GH¢720.8 billion, according to the latest economic and financial data released by the Bank of Ghana.
The Summary of Economic and Financial Data for July 2026 indicates that the country’s debt stock rose steadily during the three-month period, moving from GH¢674.1 billion in February to GH¢686.1 billion in March.
The upward trend continued in April, when the debt stock climbed to GH¢695.9 billion before rising further to GH¢720.8 billion by the end of May.
The increase represents an expansion of about 7% within the period, reflecting government financing needs as it continues to meet fiscal obligations and support ongoing economic recovery efforts.
However, when measured in United States dollar terms, Ghana’s debt position recorded a decline.
The country’s total public debt reduced from US$63.2 billion in February to US$61.5 billion in May, largely influenced by the appreciation of the Ghana cedi against major international currencies during the period.
Despite the fall in the dollar value of the debt stock, Ghana’s debt burden relative to the size of its economy increased.
The debt-to-GDP ratio rose from 42.2% in February to 45.1% in May, suggesting that public debt growth outpaced economic expansion during the period.
External and Domestic Debt Increase
The Bank of Ghana’s data further showed that both external and domestic debt components recorded increases.
External debt rose from GH¢313.6 billion in February to GH¢341.7 billion in May, representing 21.4% of Gross Domestic Product (GDP).
Domestic debt also increased during the period, reaching GH¢379.1 billion in May and accounting for 23.7% of GDP.
The rise in domestic borrowing reflects government’s continued reliance on the local financial market to support budget financing and refinance maturing obligations.
Eurobond Payment
The latest debt figures come after the government announced the completion of a US$700 million Eurobond repayment earlier in July.
The Ministry of Finance said the payment, completed on Thursday, July 2, 2026, included US$525.2 million in principal repayments and US$174.8 million in interest payments.
The settlement brings Ghana’s total payments to Eurobond holders to US$2.1 billion since January 2025 under the country’s Eurobond Debt Exchange Programme.
The Ministry of Finance maintains that the repayment was executed through pre-arranged funding arrangements and did not place excessive pressure on the country’s foreign exchange reserves.
As Ghana continues with reforms under its International Monetary Fund (IMF)-supported programme, developments in the country’s debt position are expected to remain a key focus for policymakers, investors and economic observers.
