Ghana’s public debt as of February 2026
Ghana’s total public debt has increased to GH¢674.1 billion as of 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 now stands at $63.1 billion, compared to $61.3 billion recorded at the end of December 2025. The latest figures reflect a continued rise in government borrowing, particularly within the domestic market, as authorities work to finance budget operations and maintain economic stability.
Despite the increase in the nominal debt stock, Ghana’s debt to GDP ratio has shown improvement. The ratio declined from 44.7 percent in December 2025 to 42.2 percent in February 2026, signaling stronger economic growth and improved fiscal management.
The latest Bank of Ghana data shows that external debt remained relatively stable during the period. Ghana’s external debt stood at approximately $29.3 billion, representing 19.6 percent of GDP. Domestic debt, however, continued to rise sharply, increasing from GH¢341 billion in January 2026 to GH¢360.4 billion in February 2026. Domestic debt now accounts for about 22.6 percent of GDP.
Economists say the rise in domestic borrowing suggests the government is relying more heavily on the local financial market to fund expenditure and manage fiscal operations. While domestic borrowing can reduce exposure to foreign exchange risks, it may also increase pressure on interest rates and liquidity within the local banking sector.
The debt figures come at a time when Ghana’s broader macroeconomic indicators are beginning to improve after years of economic turbulence. Recent Bank of Ghana data also showed inflation falling sharply to 3.4 percent in April 2026, while gross international reserves climbed to over $14 billion, equivalent to roughly six months of import cover.
Government fiscal performance has also shown signs of recovery. According to the central bank, Ghana recorded a fiscal deficit to GDP ratio of 0.3 percent in March 2026, while the primary balance posted a surplus of 1.2 percent of GDP. Analysts believe these developments could strengthen investor confidence and support Ghana’s efforts to maintain debt sustainability.
The latest debt update comes as Ghana transitions from its International Monetary Fund (IMF) bailout programme to a Policy Coordination Instrument (PCI) arrangement aimed at sustaining fiscal discipline and macroeconomic stability. Financial experts say maintaining budget discipline and improving domestic revenue mobilization will be critical in preventing debt levels from rising further in the coming years.
Warnings from some Analysts
Some analysts also warn that external risks remain a concern. The recent depreciation of the cedi against major foreign currencies could increase the cost of servicing portions of Ghana’s foreign debt if exchange rate pressures persist. The cedi has already weakened by 8.4 percent against the US dollar in the first five months of 2026 despite improved inflation and reserve levels.
Over the past few years, Ghana’s debt situation has remained one of the most closely watched indicators within the economy. The country previously faced severe fiscal challenges that led to debt restructuring negotiations with both domestic and external creditors.
Although current indicators suggest relative improvement compared to previous years, economists believe Ghana must continue pursuing prudent spending, stronger tax collection, and sustained economic growth to prevent future debt stress.
For businesses, investors, and ordinary citizens, the rising debt stock remains an important issue because it influences interest rates, inflation expectations, government spending priorities, and overall economic confidence.
The coming months are expected to reveal whether Ghana can maintain its improving fiscal trajectory while keeping debt levels under control amid global economic uncertainties.
