Ghana’s public debt stock rose to GHS674.1 billion in February 2026, according to the latest Summary of Economic and Financial Data released by the Bank of Ghana.

In dollar terms, the country’s total debt stood at US$63.1 billion during the period, up from US$61.3 billion recorded in December 2025 and US$60.6 billion in January 2026.

Despite the increase in the overall debt stock, Ghana’s debt-to-GDP ratio improved. The ratio declined to 42.2% in February 2026 from 44.7% in December 2025, suggesting that economic growth helped moderate the pace of debt accumulation relative to the size of the economy.

The report showed that Ghana’s external debt stood at US$29.3 billion in February 2026, slightly lower than the US$29.4 billion recorded in January 2026. External debt accounted for 19.6% of Gross Domestic Product (GDP).

Domestic debt, however, continued to rise. The country’s domestic debt increased to GHS360.4 billion in February 2026 from GHS341.0 billion in January 2026. In December 2025, domestic debt stood at GHS333.8 billion.

Domestic debt represented 22.6% of GDP, reflecting the government’s continued reliance on the local market to finance part of its fiscal operations.

Meanwhile, the government’s fiscal performance showed some signs of improvement in the first quarter of 2026. The fiscal deficit-to-GDP ratio stood at 0.3% in March 2026, indicating relatively controlled government spending compared to revenue mobilisation.

The primary balance — which excludes interest payments on debt — recorded a surplus of 1.2% of GDP in March 2026. This suggests that government revenue exceeded non-interest expenditures during the period, a development often viewed by economists as a positive signal for fiscal stability.

The latest figures come as Ghana continues efforts to maintain economic stability and strengthen public finances following recent debt restructuring and fiscal reforms.