Ghana’s public debt stock hits GH¢720.8bn, equivalent to 45.1% of GDP — BoG

The public debt stock of Ghana has increased to GH¢720.8 billion as at the end of May 2026, representing 45.1 per cent of the country’s Gross Domestic Product (GDP), the Bank of Ghana (BoG) has disclosed.

The figure represents an increase from the GH¢613.4 billion recorded at the end of December 2025, when the debt stood at 42.8 per cent of GDP.

The Governor of the Bank of Ghana, Dr. Johnson Pandit Asiamah, disclosed this at a media briefing on Wednesday, July 22, following the Monetary Policy Committee (MPC) meeting where the policy rate was maintained at 14 per cent.

"The public debt stood at 720.8 billion Ghana cedis, equivalent to 45.1 per cent of GDP at end May 2026, from 613.4 billion, that represented 42.8 per cent of GDP at end December 2025," Dr. Asiamah said.

The Governor said Ghana’s fiscal performance in the first quarter of 2026 reflected strong expenditure restraint despite revenue shortfalls, resulting in better-than-targeted fiscal balances.

He added that economic activity remained resilient, with real GDP growth reaching 6.4 per cent in the first quarter of 2026, supported by growth in the services and industry sectors.

Dr. Asiamah also noted that the country’s external sector recorded strong performance in the first half of the year, supported by improved export earnings, particularly from gold and cocoa, despite increased import costs associated with higher energy prices.

"Continuing improvements in the trade balance and adequate reserve buffers are also expected to enhance the economy’s capacity to navigate heightened global uncertainty," he stated.