Ghana’s Debt Stock Rises to GH¢674.1bn Despite Signs of Fiscal Improvement

Ghana’s total public debt stock has climbed 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.

The new figures, equivalent to approximately US$63.1 billion, represent about 42.2% of Ghana’s Gross Domestic Product (GDP), highlighting the country’s ongoing fiscal pressures as government pursues economic recovery and stabilization measures.

Data from the central bank showed that domestic debt accounted for GH¢360.4 billion, representing 22.6% of GDP, while external debt stood at US$29.3 billion, equivalent to 19.6% of GDP.

Economic analysts say the rise in debt levels was largely driven by increased domestic borrowing as government continues financing critical sectors, infrastructure projects, and economic reforms.

Despite the increase, there are indications of improving fiscal discipline. Ghana’s debt-to-GDP ratio has reportedly improved compared to late 2025 due to stronger economic growth and tighter fiscal management policies.

The latest economic report also revealed that government recorded a fiscal deficit of 0.3% of GDP and achieved a primary surplus of 1.2% of GDP in March 2026 — a development many economists view as a positive signal for the country’s fiscal recovery agenda.

The debt update comes as Ghana continues implementing reforms under its programme with the International Monetary Fund aimed at restoring macroeconomic stability, controlling inflation, and rebuilding investor confidence.

Experts believe the coming months will be crucial in determining whether Ghana can sustain its fiscal gains while managing rising debt obligations and economic pressures.

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