Ghana’s total public debt stock increased to GH¢674.1 billion in February 2026. This is according to the latest Summary of Economic and Financial Data for May 2026, as released by the Bank of Ghana.

In dollar terms, the country’s debt stood at $63.1 billion, up from $61.3 billion recorded in December 2025.

Despite the increase in the nominal debt stock, Ghana’s debt-to-GDP ratio declined to 42.2% in February 2026 from 44.7% in December 2025.

It shows stronger economic growth and improved fiscal performance.

The data showed that external debt stood at $29.3 billion in February 2026, representing 19.6% of GDP and remaining broadly unchanged over the period.

Domestic debt, however, continued to rise, increasing to GH¢360.4 billion in February from GH¢341 billion in January.

This accounted for about 22.6% of GDP.

The rise in domestic debt is due to the government’s continued reliance on the local market to finance budget operations and manage the economy.

Meanwhile, government’s fiscal performance showed signs of improvement.

The fiscal deficit-to-GDP ratio stood at 0.3% in March 2026, while the primary balance recorded a surplus of 1.2 percent of GDP.

The improving debt ratio and primary surplus could strengthen investor confidence and support the country’s broader efforts to restore debt sustainability at a time when the country has exited its International Monetary Fund (IMF) bailout package to a Policy Coordination Instrument (PCI).