The multilateral debt dominated in the share of Ghana’s total external debt, constituting some 42.4% at the end of February 2026, the Monetary Policy Report has stated.

The share of the international capital market debt remains relatively stable after payment of the Eurobond (principal and coupon) in December 2025.

Again, bilateral and commercial debt shares of the external debt remain relatively stable mainly due to ongoing negotiations with bilateral creditors and discussions with commercial creditors to restructure these debts.

Maturity Structure of Domestic Debt

On the maturity structure of domestic debt, the short-term debt dominated the profile as of the end of February 2026.

The Bank of Ghana warned that the increased short-term debt has the tendency to increase both rollover and refinancing risks.

It, however, stated that the medium-term and long-term remained relatively stable over the period since there were no new issuance of bonds in the market.

Ghana’s debt stock stood at GH¢674.1 billion (42.2% of Gross Domestic Product) at end-February 2026 from GH¢641.1 billion (44.7% of GDP) at the end of December 2025.

Out of the total public debt, external debt was GH¢313.6 billion (19.6% of GDP) and domestic debt totalled GH¢360.4 billion (22.6% of GDP). The increase reflected in both external and domestic debt.