Ghana Public Debt Dashboard
About This Dashboard
National debt can have significant economic and social effects, including higher interest payments, reduced fiscal sustainability, and austerity measures. To manage national debt effectively, governments need to exercise fiscal discipline, reduce debt levels through measures such as increased revenue and spending cuts, promote economic growth, explore debt refinancing options, and maintain transparency and accountability in fiscal management practices. By implementing these strategies, governments can mitigate the adverse effects of national debt and promote long-term economic stability.
Total Public Debt
GH₵ 719.5B
Debt per capita: GH₵ 20,519
Updated: 30 Jun 2026
Debt-to-GDP
45.0%
Sustainability Index
Updated: 30 Jun 2026
External Share
45.6%
Composition of Stock
Updated: 30 Jun 2026
Debt Service
48.0%
Revenue Absorption
Updated: 31 Dec 2025
Historical Debt Trends Analysis
Ghana's public debt has experienced significant growth over the years, reflecting the country's efforts to finance development projects, economic shocks, and external vulnerabilities. Below is a summary of the public debt trends from 2008 to mid-2026 (MoF Mid-Year Review).
Key Economic Indicators
Tracking of Ghana's critical economic metrics — debt stock, GDP, inflation, and market rates — refreshed from official sources.
Updated 11 August 2026
Total debt stock
Latest official figure from Bank of Ghana (Jun 2026).
External Debt
Latest official figure from Bank of Ghana (Jun 2026).
Domestic Debt
Latest official figure from Bank of Ghana (Jun 2026).
External Debt % share
Latest official figure from MOF (Jun 2026).
Domestic Debt % share
Latest official figure from MOF (Jun 2026).
Debt per Capita
Latest official figure from World Bank (Jun 2026).
Interest/Revenue Share
Latest official figure from Ministry of Finance (Dec 2025).
Total Debt to GDP Ratio
Latest official figure from MOF (Jun 2026).
Domestic Debt % of GDP
Latest official figure from MOF (Jun 2026).
External Debt % of GDP
Latest official figure from MOF (Jun 2026).
Per CAPITA Income
Latest official figure from World Bank (Dec 2025).
GDP (USD)
Latest official figure from World Bank (Dec 2025).
Inflation (YoY)
Latest official figure from Bank of Ghana (Aug 2026).
Inflation Target
Latest official figure from Bank of Ghana (Aug 2026).
Monetary Policy Rate
Latest official figure from Bank of Ghana (Aug 2026).
91-Day T-Bill Rate
Latest official figure from Bank of Ghana (Aug 2026).
Debt Trajectory Analysis
Historical trend of total public debt showing the evolution of domestic and external obligations over time.
Portfolio Composition & Ratios
Breakdown of debt by currency and Debt-to-GDP sustainability indicators.
Debt Composition
Breakdown by domestic vs external sourcesData as of 30 Jun 2026
Debt-to-GDP Ratio
Key indicator of debt sustainability• 2023 - 2026
Creditor & Instrument Breakdown
Detailed analysis of major creditors and domestic debt instruments.
External Debt Composition
Total: GH₵ 328.4B
Domestic Debt Instrument
Total: GH₵ 391.1B
Risk & Impact Analysis
Assessment of external and domestic risks potentially improving or threatening debt sustainability.
External Debt Key Risks
- Debt RestructuringMajor 23.1% reduction reflects successful debt restructuring effortsPOSITIVE
- Eurobond RestructuringCompleted Oct 2024 with 37% haircutRESOLVED
- China Debt28% of external debt, renegotiation ongoingMEDIUM RISK
- FX RiskCurrency volatility impacts debt servicing costsMEDIUM RISK
- IMF Program$3B Extended Credit Facility ongoingSTABLE
Domestic Debt Key Risks
- Stock GrowthEnd-June 2026 stock at GH₵719.5B (Mid-Year); domestic share 54.4% elevates rollover and interest riskMEDIUM RISK
- Banking Exposure65% held by local banks, systemic riskHIGH RISK
- Short-term Bills36.5% in T-bills, rollover pressureHIGH RISK
- Interest BurdenPolicy rate near 14% still elevates domestic debt servicing costsMEDIUM RISK
- Pension FundsMajor holders, social security impactMEDIUM RISK
Ghana's Debt Restructuring Journey
Key milestones and activities in Ghana's path to debt sustainability
$13 Billion
Eurobond Debt Restructured
$3 Billion
IMF Extended Credit Facility
$5.4 Billion
Bilateral Debt Restructured
85%
Domestic Debt Exchange Participation
Restructuring Timeline
A chronological view of Ghana's debt restructuring activities
Domestic Debt Exchange Announcement
Ghana officially announced a domestic debt exchange program (DDEP) as part of conditions to secure an IMF loan. The government suspended payments on most external debt, including Eurobonds and commercial loans.
PolicyDefault on External Debt Payments
Ghana defaulted on most of its external debt payments after missing the 30-day grace period for a $41 million interest payment on its Eurobond due in 2026.
FinancialDDEP Deadline Extensions
The initial deadline for the DDEP was extended multiple times due to low participation rates.
PolicyAgreement with Domestic Bondholders
Ghana reached an agreement with domestic bondholders on a debt exchange program. The government extended the deadline for its domestic debt exchange, with approximately 85% of eligible bondholders ultimately participating.
NegotiationIMF Staff-Level Agreement
Ghana secured a staff-level agreement with the IMF for a $3 billion Extended Credit Facility.
IMFIMF Loan Approval
The IMF Executive Board approved the $3 billion loan program over three years to help restore macroeconomic stability and debt sustainability.
IMFBilateral Creditors Committee Formation
Ghana formed an official committee of bilateral creditors co-chaired by China and France to negotiate restructuring terms.
NegotiationCommercial Creditor Negotiations
The government launched restructuring negotiations with its commercial creditors including Eurobond holders.
NegotiationSecond IMF Review Announcement
Ghana announced it would seek a second IMF review in November after completing the first review successfully.
IMFOfficial Creditor Financing Assurances
The Official Creditor Committee (OCC) provided Ghana with financing assurances, a crucial step in the IMF program.
FinancialBilateral Debt Deal
Ghana reached a deal in principle with official creditors to restructure $5.4 billion of bilateral debt.
AgreementBondholder Agreement
Ghana announced a tentative agreement with its bondholders to restructure $13 billion of international bonds.
AgreementEurobond Restructuring Completion
Ghana completed negotiations with its Eurobond creditors, restructuring approximately $13 billion in external debt with a 37% haircut.
MilestoneSecond IMF Review
The government completed the second review of the IMF program, with continued implementation of fiscal consolidation measures.
IMFFinal Eurobond Restructuring
Ghana successfully completed the Eurobond restructuring process with creditor participation above 95%, achieving significant debt relief through maturity extensions and NPV reduction.
CompletionMarket Re-entry Preparation
Ghana initiated preliminary discussions with international investors and rating agencies regarding potential market re-entry in 2025.
StrategyThird IMF Review Completion
Ghana successfully completed the third review of its IMF Extended Credit Facility, unlocking additional funding and demonstrating continued progress in fiscal reforms.
IMFDebt Sustainability Milestone
Ghana achieved significant improvement in debt-to-GDP ratio, falling to 55% from 62%, marking a critical milestone in debt sustainability targets under the IMF program.
AchievementMid-Year Fiscal Policy Review — June 2026
MoF Mid-Year Review (presented July 2026): total public debt GH₵ 719.5B (45.0% of GDP) at end-June, with domestic debt GH₵ 391.1B (54.4%) and external debt GH₵ 328.4B (45.6%).
MilestoneCapital Market Re-entry Planning
Ghana announced concrete plans for gradual return to international capital markets in Q4 2025, supported by improved macroeconomic indicators and successful debt restructuring outcomes.
PlanningDDEP Coupon Settlement
Government paid GH₵10 billion in DDEP interest obligations — the sixth coupon settlement and second full cash payment without Payment-In-Kind, signalling improved fiscal capacity and market confidence.
FinancialSixth IMF Review — Staff-Level Agreement
IMF staff completed the 2026 Article IV consultation and reached staff-level agreement on the sixth and final ECF review and a 36-month PCI. Mission: 29 Apr – 15 May 2026 (Dr Ruben Atoyan). Board decision expected 27 Jul 2026; final disbursement ~US$318M if approved.
IMFDomestic T-Bond Issuance Resumes
Successful resumption of domestic Treasury bond issuance signalled returning investor confidence, per IMF May 2026 mission statement.
MilestoneIMF Executive Board — 6th Review (Expected)
IMF Executive Board expected to decide on Ghana's sixth and final ECF review, ~US$318 million disbursement, and 36-month PCI request (Mission Chief, May 2026).
IMFKey Features of Ghana's Debt Restructuring
Understanding the core components of the restructuring strategy
Domestic Debt Exchange Program (DDEP)
Extended maturities and lowered interest rates on domestic bonds to create fiscal space and ensure debt sustainability. Successfully completed with 85% participation rate.
External Debt Restructuring
Comprehensive restructuring of $13 billion Eurobonds and $5.4 billion bilateral debt, achieving significant NPV reduction and maturity extensions to restore debt sustainability.
IMF Program Support
$3 billion Extended Credit Facility program with comprehensive policy reforms, including fiscal consolidation and structural changes to restore macroeconomic stability.
Fiscal Consolidation Measures
Implementation of comprehensive revenue enhancement and expenditure rationalization measures, including tax reforms and improved public financial management.
Financial Sector Reforms
Strengthening banking sector regulations, improving supervision frameworks, and addressing vulnerabilities to create a more resilient financial system.
Market Re-entry Strategy
Comprehensive planning for gradual return to international capital markets, supported by improved credit ratings and restored investor confidence.
Looking Ahead
Prospects for Ghana's financial future after restructuring
Ghana's comprehensive debt restructuring efforts have yielded significant positive results. The successful completion of both domestic and external debt restructuring has restored debt sustainability, with the debt-to-GDP ratio improving dramatically from 88% at the crisis peak to 45.0% as at end-June 2026 (MoF Mid-Year Fiscal Policy Review).
The ongoing IMF program has provided crucial support for macroeconomic stabilization, with inflation declining from over 50% to single digits and foreign exchange reserves gradually rebuilding. The successful implementation of fiscal reforms has enhanced revenue collection and improved public financial management.
With major restructuring milestones completed and the Mid-Year Review confirming a more sustainable debt path, Ghana is better positioned for gradual market re-entry. Continued fiscal discipline and structural reforms remain essential.
Key Next Steps for 2025
- Complete remaining IMF program reviews and maintain reform momentum
- Strengthen domestic revenue mobilization through improved tax administration
- Enhance public financial management and transparency measures
- Build adequate foreign exchange reserves for market re-entry
- Prepare comprehensive market re-entry strategy for Q4 2025
- Continue structural reforms to support long-term economic growth