Ghana's public debt climbs to GH¢720.8 billion by May 2026

Ghana’s total public debt stock increased by GH¢46.7 billion between February and May 2026, according to the Bank of Ghana’s latest Summary of Economic and Financial Data for July 2026.

The data released on July 21, 2026, shows that the country’s debt rose from GH¢674.1 billion in February to GH¢720.8 billion by May, representing an increase of about 7% over the three-month period.

The rise was recorded consistently throughout the period, with the debt stock increasing to GH¢686.1 billion in March and further climbing to GH¢695.9 billion in April before reaching the May figure.

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The increase comes as the government continues to meet its financing needs, support economic recovery efforts, and fulfil fiscal obligations.

However, when measured in US dollar terms, Ghana’s debt stock recorded a decline.

The total debt fell from $63.2 billion in February to $61.5 billion in May, largely due to the appreciation of the Ghana cedi against major foreign currencies during the period.

Despite the reduction in dollar terms, Ghana’s debt-to-GDP ratio increased from 42.2% to 45.1%, indicating that debt accumulation outpaced economic growth during the period.

The Bank of Ghana data further shows that external debt rose from GH¢313.6 billion in February to GH¢341.7 billion in May, equivalent to 21.4% of GDP.

Domestic debt also increased during the period, reaching GH¢379.1 billion in May and accounting for 23.7% of GDP, as the government continued to rely on the domestic market to finance budgetary needs and refinance maturing obligations.

The latest figures are expected to sustain attention on Ghana’s debt management efforts as the country continues to implement reforms under its IMF-supported programme aimed at restoring macroeconomic stability.

Meanwhile, the government recently completed the early repayment of a $700 million Eurobond obligation.

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The Ministry of Finance said the payment, made on July 2, 2026, included $525.2 million in principal repayment and $174.8 million in interest payments.

According to the Ministry, the settlement brings Ghana’s total payments to Eurobond holders under the Debt Exchange Programme to $2.1 billion since January 2025.

It added that the repayment was funded through pre-arranged financing arrangements and did not put undue pressure on the country’s foreign exchange reserves.

DR/MA