Ghana’s public debt hit GH¢720.8 billion in May 2026, equivalent to 45.1% of Gross Domestic Product (GDP).

In dollar term, the public debt stock stood at US$61.5 billion.

According to the July 2026 Summary of Financial and Economic Data by the Bank of Ghana, the country’s public debt has been increasing since January 2026.

 It stood at GH¢663.4 billion in January 2026 and rose to GH¢674.1 billion in February 2026 and subsequently to GH¢686.1 billion in March 2026. Again, it increased to GH¢695.9 billion in April 2026.

The rising debt is due to increased borrowing on both the domestic and external front.

The data showed that the external debt stood at US$29.1 billion in May, slightly lower than the US$29.2 billion in April 2026. This represented 21.4% of GDP.

In March 2026, the external debt stood at US$29.1 billion  

However, the domestic debt increased to GH¢379.1 billion in May 2026, from GH¢369.2 billion in April 2026, about 23.7% of GDP.

In March 2026, the domestic debt stood at GH¢365.8 billion, whilst it was estimated at GH¢360.4 billion in February 2026 and GH¢341.0 billion.

For the government’s fiscal operations, the fiscal balance-to-GDP was a surplus of 0.1% in March 2026.

The primary balance, however, stood at a surplus of 1.1% of GDP in March 2026.