Ghana’s Public Debt Climbs GH¢46.7 Billion in Three Months

Ghana’s public debt stock has grown by GH¢46.7 billion over a three-month stretch between February and May 2026, according to the Bank of Ghana’s latest Summary of Economic and Financial Data.

How the Debt Grew Month by Month

The debt stock stood at GH¢674.1 billion in February before climbing steadily each month: GH¢686.1 billion in March, GH¢695.9 billion in April, and finally GH¢720.8 billion by the end of May. That works out to a roughly 7% increase in cedi terms over the three months, as government continued borrowing to fund economic recovery efforts and meet its financial obligations.

A Different Picture in Dollar Terms

Oddly enough, the story looks quite different when the debt is measured in US dollars. Ghana’s total public debt actually fell from US$63.2 billion in February to US$61.5 billion in May — a reflection of the cedi’s appreciation against the dollar and other major currencies over the period, rather than any actual reduction in borrowing.

Debt-to-GDP Ratio Also Rising

Despite that dollar-term improvement, Ghana’s debt burden relative to the size of its economy has been creeping upward. The debt-to-GDP ratio rose from 42.2% in February to 45.1% by May, suggesting that borrowing has been outpacing the economy’s growth rate over this period.

External and Domestic Debt Both Climbed

Breaking the numbers down further:

• External debt rose from GH¢313.6 billion in February to GH¢341.7 billion in May, now representing 21.4% of GDP.
• Domestic debt also increased, reaching GH¢379.1 billion in May, or 23.7% of GDP, as government kept leaning on the local financial market to fund its budget and refinance maturing obligations.

The Bigger Picture

This latest three-month rise comes on the heels of a period in early 2026 when Ghana’s debt-to-GDP ratio had actually been declining, aided by a stronger cedi and improved fiscal indicators. The renewed uptick in both the debt stock and the debt-to-GDP ratio is a reminder that, even amid genuine progress in Ghana’s fiscal turnaround, the country’s debt trajectory remains sensitive to a mix of exchange rate swings, continued domestic borrowing, and the pace of economic growth. Whether this represents a temporary blip or the start of a longer upward trend will likely become clearer as the Bank of Ghana releases further data in the months ahead.