GHDatafie blog

Ghana's public debt to GDP was 46.32 percent in August 2026

GHDatafie, 9 November 2026

Ghana's public sector debt was 46.32 percent of GDP in August 2026, according to provisional figures from the Ministry of Finance published on 22 October 2026. GHDatafie calculated that the ratio was 0.23 percentage points lower than in July 2026 and 0.95 percentage points lower than in August 2025.

Ghana's public sector debt was 46.32 percent of gross domestic product (GDP) in August 2026, according to the Ministry of Finance (MoF). The figure is provisional. MoF published it on 22 October 2026, in the same release as its figures for each month from January to August 2026.

What the figure measures

The ratio compares the total debt of the public sector with the size of the economy. GDP is the value of all the goods and services produced in Ghana in a year. MoF works out the ratio with its own nominal GDP figure for the year, where "nominal" means measured in current cedis, with no adjustment for changes in prices. A higher ratio means debt is larger next to the economy, and a lower ratio means it is smaller.

The ratio can fall when debt shrinks, or when GDP grows faster than debt. A lower figure on its own does not tell you that the amount of debt in cedis went down. It tells you how large the debt is next to the economy.

How August compares

GHDatafie calculated that the debt ratio in August 2026 was 0.23 percentage points lower than in July 2026, when MoF put it at 46.55 percent. A percentage point is the plain gap between two percentages.

Against a year earlier, the gap is wider. In August 2025 the ratio was 47.27 percent, so the August 2026 figure is 0.95 percentage points lower, also by GHDatafie's calculation. Both comparisons use provisional figures.

The months shown

Across 2026 the ratio has moved within a fairly narrow band. The lowest figure shown is for January 2026, at 42.14 percent. From there it rose in most months up to July, then dipped slightly in August. The figures shown for 2023 and 2024 were higher than any month in 2026. You can see every monthly value in the chart above.

Because MoF divides by a GDP figure for each year, the ratio for one year rests on a different GDP number from the next. Keep that in mind when you compare a month in one year with a month in another.

Provisional figures

Every figure shown is marked provisional by MoF. MoF sometimes restates figures in later files, and GHDatafie keeps those changes as revisions. All figures here are as published and may be revised.

The full series, which starts in January 2023, is on the public sector debt to GDP page. Recent publications are listed on the releases page.

Where the figures come from

Source: Ministry of Finance (MoF), Ghana, mofep.gov.gh. The figures come from MoF's public debt data workbooks ("TOTAL PUBLIC DEBT/GDP") and are shown as MoF published them. GHDatafie compiled them and is independent of, and not endorsed by, MoF. See the public sector debt to GDP series page for all the figures.

Questions people ask

What is Ghana's public debt to GDP ratio?

Ghana's public sector debt was 46.32 percent of GDP in August 2026, according to provisional figures from the Ministry of Finance published on 22 October 2026.

Is Ghana's debt to GDP ratio higher or lower than a year ago?

It is lower. GHDatafie calculated that the August 2026 figure of 46.32 percent was 0.95 percentage points lower than the 47.27 percent recorded in August 2025, both provisional figures from the Ministry of Finance.

What does debt to GDP mean?

It compares the total debt of the public sector with the size of the economy, measured by gross domestic product. The Ministry of Finance calculates it with its own nominal GDP figure for the year.

Did Ghana's debt to GDP ratio rise or fall in August 2026?

It fell slightly. GHDatafie calculated that the ratio was 0.23 percentage points lower in August 2026, at 46.32 percent, than in July 2026, at 46.55 percent, according to provisional Ministry of Finance figures.

Are the debt to GDP figures final?

No. The Ministry of Finance marks the figures shown as provisional, and it may restate them in later files. Figures are as published and may be revised.

Figures in this article

• Public sector debt to GDP: Source: Ministry of Finance (MoF), Ghana, mofep.gov.gh. Figures as published by MoF; compiled by GHDatafie, which is independent of and not endorsed by MoF.

Changes and everyday examples are calculated by GHDatafie from the published figures. GHDatafie is independent and is not part of, or endorsed by, the publishers it quotes.