Ghana's public debt rises by GH¢46.7 billion in three months
Ghana's total public debt increased by GH¢46.7 billion between February and May 2026, according to the latest Summary of Economic and Financial Data released by the Bank of Ghana.
The report shows that the country's debt stock rose from GH¢674.1 billion in February to GH¢720.8 billion by the end of May, reflecting a steady increase over the three-month period.
The data indicates that public debt climbed to GH¢686.1 billion in March before increasing to GH¢695.9 billion in April and reaching GH¢720.8 billion in May.
Overall, the debt stock grew by approximately seven per cent during the period as the government sought financing to support economic recovery and meet its fiscal obligations.
However, the trend was different when measured in United States dollars.
According to the Bank of Ghana, Ghana's total public debt declined from US$63.2 billion in February to US$61.5 billion in May, largely due to the appreciation of the cedi against major foreign currencies during the period.
Despite the reduction in dollar terms, the country's debt burden relative to the size of the economy increased.
The debt-to-GDP ratio rose from 42.2 per cent in February to 45.1 per cent in May, indicating that the pace of debt accumulation outstripped economic growth during the review period.
The report further showed that Ghana's external debt increased from GH¢313.6 billion in February to GH¢341.7 billion in May, representing 21.4 per cent of Gross Domestic Product (GDP).
Domestic debt also recorded an increase, rising to GH¢379.1 billion in May as the government continued to rely on the domestic financial market to finance its budget and refinance maturing debt obligations.
According to the data, domestic debt accounted for 23.7 per cent of GDP.