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 US dollar terms, the country’s debt stock stood at US$61.5 billion.
The report shows that the debt has risen steadily since the beginning of the year, moving from GH¢663.4 billion in January to GH¢674.1 billion in February, GH¢686.1 billion in March, GH¢695.9 billion in April, before reaching GH¢720.8 billion in May.
The upward trend reflects increased government borrowing from both domestic and external sources.
Although Ghana’s external debt edged down slightly to US$29.1 billion in May from US$29.2 billion in April, it still accounted for 21.4% of GDP. .
Meanwhile, domestic debt continued to rise, increasing from GH¢369.2 billion in April to GH¢379.1 billion in May, equivalent to 23.7% of GDP. Earlier figures showed domestic debt at GH¢365.8 billion in March, GH¢360.4 billion in February, and GH¢341.0 billion in January.
On the fiscal front, the report indicated that Ghana recorded a “0.1% of GDP” fiscal surplus in March 2026, while the primary balance posted a surplus of “1.1% of GDP” during the same period.
By: Prince Martey-Sogar