Ghana's public debt stock increased to GHS 674.1 billion by February 2026. This figure represents 42.2% of the nation's Gross Domestic Product (GDP). In US dollar terms, the public debt stood at US$63.1 billion during this period.
This rise in debt is primarily due to an increase in Ghana's domestic borrowing. Domestic debt reached GHS 360.4 billion in February 2026, up from GHS 341.0 billion in January 2026. This domestic component now constitutes about 22.6% of GDP, indicating a growing reliance on local financing.
The increasing debt adds to Ghana's existing fiscal pressures and broader economic challenges. Historically, Ghana has grappled with high debt levels, as evidenced by a debt-to-GDP ratio of 67.5% at the end of 2023. These figures from the Bank of Ghana's May 2026 Summary of Economic and Financial Data underscore the persistent need for sustainable fiscal management. The International Monetary Fund (IMF) and World Bank have repeatedly highlighted Ghana's significant debt vulnerabilities.
The Bank of Ghana's May 2026 report provided these latest debt figures. The report noted that the country's total public debt was US$61.3 billion (GHS 64.1 billion) in December 2025. It then rose to US$60.6 billion (GHS 663.4 billion) in January 2026 before reaching current levels. Ghana's external debt saw a slight dip to US$29.3 billion in February 2026, down from US$29.4 billion in January 2026. This external debt accounts for 19.6% of GDP.
Policymakers will closely monitor these debt trends. The government's ability to manage its fiscal operations effectively remains crucial for economic stability. A primary balance surplus of 1.2% of GDP was reported in March 2026, alongside a fiscal deficit-to-GDP ratio of 0.3%. These indicators suggest some efforts to control spending but the rising debt stock presents an ongoing concern. Future economic forecasts and market confidence will hinge on credible debt management strategies and sustained fiscal consolidation efforts. Investors will be observing how these debt levels impact the cedi's stability and overall economic growth projections.
Ghana's debt-to-GDP ratio of 42.2% in February 2026 shows a substantial increase from December 2025, when it was 4.7%. This indicates a rapid accumulation of debt relative to the national output. The government's strategies to boost domestic revenue without increasing tax rates, as suggested by experts, would be vital. Containing public sector compensation pressures also remains key to improving the fiscal outlook. The consistency of these debt increases points to a structural challenge requiring sustained policy interventions.