Ghana’s total public debt stock increased to GH¢720.8 billion at the end of May 2026, equivalent to 45.1 percent of Gross Domestic Product (GDP), according to the latest Bank of Ghana Summary of Economic and Financial Data.
The figure represents a continued rise in the country’s debt stock from GH¢663.4 billion (41.5% of GDP) in January and GH¢674.1 billion (42.2% of GDP) in February, reflecting a steady increase over the first five months of the year.
The growth was largely driven by domestic borrowing, with domestic debt rising from GH¢341.0 billion (21.3% of GDP) in January to GH¢379.1 billion (23.7% of GDP) by the end of May.
In contrast, external debt remained broadly stable in dollar terms. Ghana’s foreign debt stood at US$29.1 billion in May, compared with US$29.4 billion in January. In cedi terms, however, external debt amounted to GH¢341.7 billion, representing 21.4 percent of GDP at the end of May.
Overall, Ghana’s total public debt in US dollar terms increased marginally from US$60.6 billion in January to US$61.5 billion in May.
The latest figures suggest that while the country’s external debt position has remained relatively stable, continued domestic borrowing has been the principal driver of the increase in the overall debt stock in cedi terms.
The data also underscore the influence of exchange rate movements on the valuation of external obligations, even as domestic financing continues to reshape the composition of Ghana’s sovereign debt portfolio.
