Ghana’s total public debt rose to GH₵674.1 billion as of March 2026 — about 42.2% of GDP — driven by a mix of domestic borrowing, cedi depreciation, and legacy obligations. The cedi’s 8.4% slide against the US dollar between January and May added roughly GH₵13.5 billion to the cedi value of external debt. Separately, the Bank of Ghana reported a loss of over GH₵15 billion for the 2025 financial year.
The Numbers
- Total public debt: GH₵674.1bn (March 2026)
- Debt-to-GDP: ~42.2%
- Cedi depreciation: 8.4% Jan-May 2026
- FX effect: +GH₵13.5bn on external debt
- Bank of Ghana 2025 loss: over GH₵15bn
The Mixed Backdrop
- Inflation fell to 3.2% in March — a 15th straight monthly decline
- A US$3.7bn trade surplus was recorded in the first two months of 2026
- Economic activity grew 8.4% year-on-year in January
- Yet currency weakness keeps inflating the debt stock in cedi terms
Why It Matters
- Debt sustainability remains central to the post-IMF recovery story
- Cedi stability is now the key swing factor on the debt path
- BoG losses reignite debate over the cost of stabilisation
- Markets weigh disinflation gains against currency risk
What To Watch
- Cedi performance through the rest of 2026
- BoG MPC decisions and reserve buffers
- Fiscal consolidation under the Mahama budget
- Any new external borrowing or restructuring milestones
Follow Vibes Uncut Media for continuing Ghana macro coverage.
Leave a Reply