Ghana’s public debt stands at ¢720.8bn in May 2026
Debt Stock stands at GH¢720.8 Billion in May 2026
Ghana’s total public debt increased to GH¢720.8 billion in May 2026, representing 45.1% of Gross Domestic Product (GDP), according to the Bank of Ghana’s July 2026 Summary of Financial and Economic Data. In dollar terms, the country’s total public debt stood at US$61.5 billion.
Comparison with December 2024
The latest debt figure reflects a marginal decline when compared to December 2024, when Ghana’s total public debt stood at GH¢726.68 billion, equivalent to 61.8% of GDP. While the nominal debt stock has remained relatively high, the debt-to-GDP ratio has improved significantly due to stronger economic growth, exchange rate gains and fiscal consolidation efforts.
Debt Has Increased Steadily Since January 2026
The Bank of Ghana data showed a consistent increase in the country’s public debt throughout the first five months of 2026.
January 2026: GH¢663.4 billion
February 2026: GH¢674.1 billion
March 2026: GH¢686.1 billion
April 2026: GH¢695.9 billion
May 2026: GH¢720.8 billion
The steady rise has been attributed to increased borrowing from both domestic and external sources.
External Debt Remains Relatively Stable
Ghana’s external debt stood at US$29.1 billion in May 2026, slightly lower than the US$29.2 billion recorded in April 2026. The external debt represented 21.4% of GDP. The external debt stock was also US$29.1 billion in March 2026, indicating relative stability over the three-month period despite the overall increase in public debt.
Domestic Debt Continues to Rise
Unlike the external debt, domestic borrowing continued its upward trend.
Domestic debt increased to GH¢379.1 billion in May 2026, up from GH¢369.2 billion in April 2026, accounting for 23.7% of GDP.
Earlier figures showed domestic debt at:
January 2026: GH¢341.0 billion
February 2026: GH¢360.4 billion
March 2026: GH¢365.8 billion
April 2026: GH¢369.2 billion
May 2026: GH¢379.1 billion
The data points to sustained reliance on the domestic market to finance government expenditure.
Fiscal Balance Records Surplus
Despite the increase in public debt, Ghana’s fiscal performance showed some improvement. The government’s fiscal balance-to-GDP recorded a surplus of 0.1% in March 2026, reflecting ongoing fiscal consolidation efforts aimed at strengthening public finances.
