PUBLIC SERVICES COMMISSION, GHANA

Efficiency, Accountability and Integrity

Ghana’s Public Debt Reaches GH¢674 Billion – Bank of Ghana Report

May 20, 2026

Accra, Ghana – Ghana’s total public debt has increased to approximately GH¢674.1 billion (US$63.1 billion) as of February 2026, according to the Bank of Ghana’s latest Summary of Economic and Financial Data.

The latest figures indicate a steady rise in the country’s debt stock, up from GH¢641.1 billion recorded in December 2025 and GH¢663.4 billion in January 2026.

Despite the increase in nominal debt levels, Ghana’s debt-to-GDP ratio declined to 42.2%, compared to 44.7% in December 2025, reflecting improved economic performance and fiscal management.

Debt Composition

The Bank of Ghana report highlights the following components of the country’s debt:

  • External Debt:
    External debt remained relatively stable at approximately US$29.3 billion, representing 19.6% of GDP.
  • Domestic Debt:
    Domestic debt continued to rise, reaching about GH¢360.4 billion, accounting for 22.6% of GDP.

The increase in domestic borrowing reflects the government’s reliance on the local market to finance public expenditure and support economic activities.

Fiscal Performance

The report further indicates improvements in key fiscal indicators:

  • The fiscal deficit-to-GDP ratio stood at approximately 0.3% in March 2026.
  • The primary balance recorded a surplus of 1.2% of GDP, signalling progress towards fiscal consolidation.

Outlook

The improvement in the debt-to-GDP ratio, alongside a primary surplus, is expected to support investor confidence and contribute to Ghana’s ongoing efforts to maintain macroeconomic stability and restore debt sustainability.