Bank of Ghana says Ghana’s public debt stock rose to GH¢674.1 billion as of February 2026, representing 42.2% of Gross Domestic Product (GDP).
In dollar terms, the country’s total debt stood at US$63.1 billion, according to the Bank of Ghana’s May 2026 Summary of Economic and Financial Data.
The latest figure marks an increase from the US$61.3 billion, equivalent to GH¢641.1 billion, recorded in December 2025. In January 2026, the debt stock stood at US$60.6 billion or GH¢663.4 billion.
Despite the increase in nominal debt, the debt-to-GDP ratio declined from 44.7% in December 2025 to 42.2% in February 2026.
The report showed that Ghana’s external debt stood at US$29.3 billion in February 2026, slightly lower than the US$29.4 billion recorded in the preceding months.
External debt accounted for 19.6% of GDP during the period under review.
Meanwhile, domestic debt increased significantly to GH¢360.4 billion in February 2026 from GH¢341.0 billion in January 2026.
The domestic debt stock represented 22.6% of GDP.
In December 2025, domestic debt stood at GH¢333.8 billion, indicating a steady rise over the first two months of 2026.
On government fiscal operations, the Bank of Ghana data indicated that the fiscal deficit-to-GDP ratio stood at 0.3% in March 2026.
The primary balance recorded a surplus of 1.2% of GDP during the same period, reflecting improvements in government revenue and expenditure management.
