Multilateral debt constituted 42.4% of Ghana’s total external debt by the end of February 2026. This makes it the largest portion of the country's external financial obligations, as stated in the Monetary Policy Report.
This dominance in multilateral debt follows a period of stability in international capital market debt. The Eurobond principal and coupon payments in December 2025 contributed to this stability. Other debt types, like bilateral and commercial debt, also remained stable due to ongoing negotiations with creditors for restructuring.
Ghana's total public debt reached GHS 674.1 billion by February 2026, up from GHS 641.1 billion in December 2025. This represents 42.2% of the Gross Domestic Product (GDP) in February 2026, a slight decrease from 44.7% of GDP in December 2025. The increase reflects growth in both external and domestic debt components.
The Monetary Policy Report, published by the Bank of Ghana, highlights the changing structure of the nation's debt. The report indicates a shift in Ghana's borrowing towards multilateral sources. This shift often involves loans from international financial institutions like the World Bank or the International Monetary Fund.
Out of the total public debt, external debt accounted for GHS 313.6 billion, which is 19.6% of GDP. Domestic debt stood at GHS 360.4 billion, making up 22.6% of GDP. This shows that domestic debt is currently a larger component of Ghana's overall public debt than external debt.
The report also flagged concerns about the maturity structure of domestic debt. Short-term debt makes up the majority of the domestic debt profile. The Bank of Ghana warned this increases both rollover risk and refinancing risk. These risks mean the government might struggle to borrow new money to pay back old debts or might face higher interest rates.
Long-term and medium-term domestic debt remained stable over this period. This stability is because no new bonds were issued in these categories. Decision-makers will monitor these debt trends closely. These figures will influence Ghana's future economic policies and its ability to manage its financial commitments.