Accra: The Bank of Ghana's latest Summary of Economic and Financial Data report has revealed that Ghana's total public debt stock increased to GHS674.1 billion in February 2026.
According to Ghana Web, the country's total debt in terms of dollars climbed to $63.1 billion in February 2026, compared to the $61.3 billion recorded in December 2025.
However, the report shows improvement in Ghana's debt sustainability indicators, as the debt-to-GDP ratio declined from 44.7% in December 2025 to 42.2% in February 2026. This decline indicates a positive shift in the country's ability to manage its debt relative to its economic output.
Domestic debt recorded an increase from GHS341 billion in January 2026 to GHS360.4 billion in February 2026, representing 22.6% of GDP. The continuous increase in domestic borrowing highlights the government's reliance on the local debt market to fund its budget and sustain economic activities.
External debt remained relatively stable at $29.3 billion, accounting for 19.6% of GDP during the review period, suggesting a consistent approach to managing foreign borrowing. The report also pointed to improvements in the country's fiscal position, with a fiscal deficit-to-GDP ratio of 0.3% in March 2026 and a primary balance surplus equivalent to 1.2% of GDP.
These fiscal improvements are believed to contribute to a decline in the debt-to-GDP ratio and enhance investor confidence, helping the state maintain macroeconomic stability.