Ghana’s total public debt increased to GH¢674.1 billion in February 2026 from GH¢663.4 billion recorded in January 2026, according to the May 2026 Summary of Economic and Financial Data released by the Bank of Ghana.
In dollar terms, the country’s debt stock climbed to $63.1 billion in February 2026, compared to $61.3 billion in December 2025.
Despite the rise in total debt, Ghana’s debt-to-GDP ratio improved, declining from 44.7 percent in December 2025 to 42.2 percent in February 2026, indicating stronger economic output relative to the country’s debt obligations.
The report showed that external debt reached $29.3 billion in February 2026, accounting for 19.6 percent of Gross Domestic Product.
Domestic debt also rose significantly, increasing from GH¢341 billion in January to GH¢360.4 billion in February 2026. This represented 22.6 percent of GDP.
Economic analysts attribute the increase in domestic borrowing to government’s continued dependence on the local financial market to finance budgetary activities and support economic management.
The latest figures, however, also reflected signs of improved fiscal performance. Data from the Bank of Ghana indicated that the country recorded a primary surplus of 1.2 percent of GDP in March 2026, while the fiscal deficit-to-GDP ratio stood at 0.3 percent.
The development comes as Ghana moves from its bailout programme with the International Monetary Fund toward a Policy Coordination Instrument arrangement aimed at maintaining fiscal discipline and ensuring macroeconomic stability.
Analysts say the improved debt ratio and stronger fiscal balance could enhance investor confidence and support government’s long-term efforts to restore economic stability and financial sustainability.
Source: 3news
