Ghana's public debt stock climbed to GHS 674.1 billion in February 2026. This figure represents 42.2% of the country’s gross domestic product (GDP).
The increase in nominal debt follows GHS 641.1 billion recorded in December 2025 and GHS 663.4 billion in January 2026. However, the debt-to-GDP ratio decreased from 44.7% in December 2025. This reduction signals stronger economic growth and better fiscal management.
This trend is important for Ghana's economic stability. A lower debt-to-GDP ratio generally makes a country seem more capable of paying its debts. The government's fiscal performance also shows signs of improvement. This context is crucial as Ghana moves from an International Monetary Fund (IMF) Extended Credit Facility to a Policy Coordination Instrument (PCI).
The Bank of Ghana’s May 2026 Summary of Economic and Financial Data provides these figures. The report indicates that external debt stayed largely unchanged at US$29.3 billion. This external debt accounts for 19.6% of the GDP. Domestic debt, however, continued its upward trajectory, increasing from GHS 341 billion in January to GHS 360.4 billion in February 2026. This domestic debt now represents 22.6% of the GDP.
Rising domestic debt reflects the government's ongoing dependence on the local market. This borrowing helps finance budgetary activities and supports economic management. At the same time, the government reported a fiscal deficit-to-GDP ratio of 0.3% in March 2026. The primary balance showed a surplus of 1.2% of GDP. These improved fiscal indicators are positive signs for the economy.
These developments are expected to build investor confidence. They will also aid Ghana's wider efforts to achieve debt sustainability. The transition to a Policy Coordination Instrument (PCI) suggests an ongoing commitment to sound economic policies. Investors will closely watch how Ghana manages its borrowing and continues its fiscal consolidation efforts. A sustained improvement in these indicators will be key for future economic stability.