Ghana’s total public debt rose to GH¢674.1bn in February 2026, according to the latest Summary of Economic and Financial Data released by the Bank of Ghana.
In dollar terms, the country’s debt stock increased to $63.1bn, up from $61.3bn recorded in December 2025.
Despite the increase in the nominal debt figure, Ghana’s debt-to-GDP ratio declined from 44.7% in December 2025 to 42.2% in February 2026, reflecting stronger economic growth and improved fiscal performance.
The Bank of Ghana data showed that external debt remained broadly stable at $29.3bn, representing 19.6% of gross domestic product (GDP).
Domestic debt, however, continued to rise, climbing to GH¢360.4bn in February from GH¢341bn in January. It accounted for about 22.6% of GDP.
The increase in domestic borrowing points to the government’s continued reliance on the local market to finance budget operations and support economic management.
Ghana’s fiscal indicators also showed signs of improvement during the period.
The fiscal deficit-to-GDP ratio stood at 0.3% in March 2026, while the primary balance recorded a surplus of 1.2% of GDP.
Economists say the improving debt ratio and primary surplus could boost investor confidence and support Ghana’s efforts to restore long-term debt sustainability.
The latest figures come as Ghana transitions from its International Monetary Fund (IMF) bailout programme to a Policy Coordination Instrument (PCI), aimed at supporting macroeconomic stability and policy reforms without direct financial assistance.
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Source: www.kumasimail.com
