Ghana’s total public debt stock has risen significantly to reach 674.1 billion Ghanaian cedis (USD 63.1 billion) as of February 2026, according to the latest macroeconomic data released by the Bank of Ghana.
The central bank’s financial report reveals that the country’s debt-to-GDP ratio now stands at 42.2 percent, highlighting a steady upward trajectory from the 41.5 percent recorded at the start of the year.
This rise comes despite rigorous fiscal operations and previous restructuring efforts under the Domestic Debt Exchange Programme, which aimed to bring the nation’s balance sheet back onto a sustainable path.
External debt continues to make up the largest share of the burden, accounting for 29.3 billion dollars, which translates to a substantial 19.6 percent of national economic output.
Meanwhile, domestic debt obligations have simultaneously climbed to 360.4 billion cedis, adding localized pressure on the state’s coffers.
Analysts caution that while the country’s overall debt-to-GDP ratio remains considerably lower than its historical peaks, the continuous monthly expansion in borrowing could complicate Ghana’s broader fiscal strategy as it navigates ongoing recovery commitments with international lenders
