GHDatafie blog

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

GHDatafie, 23 October 2026

Ghana's public sector debt was **46.32 percent** of GDP in August 2026, according to the Ministry of Finance (MoF). The figure is provisional. It is 0.23 percentage points lower than in July 2026 and 0.95 percentage points lower than in August 2025, as calculated by GHDatafie.

Ghana's public sector debt to GDP was 46.32 percent in August 2026, according to the Ministry of Finance. MoF marks the figure as provisional, and it was published on 22 October 2026. Put simply, the debt the public sector owed at the end of August 2026 was equal to a little under half of a year's national output, as MoF measures it.

What the debt ratio measures

The debt ratio compares two things. The first is total public sector debt: what the government and the wider public sector owe to lenders at home and abroad. The second is gross domestic product (GDP), the value of everything the economy produces in a year, measured at current prices. MoF divides the first by the second and shows the result as a percentage, in a line labelled "TOTAL PUBLIC DEBT/GDP" in its public debt data workbooks.

A percentage of GDP lets you compare debt with the size of the economy that has to carry it. A large sum in cedis means little on its own, and the ratio puts it in proportion.

How MoF calculates it

The methodology note says MoF uses its own GDP figure for the year when it works out the ratio. The debt changes from month to month, while the GDP figure is set for the year. GHDatafie's series runs from January 2023 and shows the ratio exactly as MoF displays it. Values stay provisional while MoF marks them so, and figures MoF restates in later files are kept as revisions.

When you read a monthly figure, you are seeing that month's debt set against a yearly measure of output.

How the latest figure compares

The debt ratio was 0.23 percentage points lower in August 2026 than in July 2026, GHDatafie calculated. Against August 2025, when it was 47.27 percent, it was 0.95 percentage points lower.

Among the figures shown, the highest is 69.99 percent in December 2023 and the lowest is 42.14 percent in January 2026. In each year shown, the ratio drops between December and January and then tends to climb over the following months. Since the GDP figure used can differ from one year to the next, take care when comparing a December with the January after it. The chart above shows every monthly value.

Common misunderstandings

A lower debt ratio does not on its own mean Ghana owes fewer cedis. The ratio can fall if the debt shrinks, if GDP grows faster than the debt, or through a mix of both. To know which, you would need the debt in cedis and the GDP figure separately.

The ratio is also different from the budget deficit. The deficit is how much more the government spends than it collects in a period. The debt is the total amount owed at a point in time, built up over many years.

A third point concerns status. Every figure shown is provisional, so MoF may restate it in a later workbook. All figures here are as published and may be revised.

Read the latest value as MoF's current best estimate, and check back for restatements.

Where the figures come from

The figures are from the Ministry of Finance, Ghana, published in its public debt data workbooks on mofep.gov.gh, and compiled by GHDatafie, which is independent of and not endorsed by MoF. You can see the full monthly series on the Public sector debt to GDP page, and other recent publications on the releases page.

Questions people ask

What is Ghana's public debt to GDP ratio?

According to the Ministry of Finance, Ghana's public sector debt was 46.32 percent of GDP in August 2026. The figure is provisional and may be revised.

Is Ghana's debt to GDP ratio going up or down?

In August 2026 the ratio was 0.23 percentage points lower than in July 2026 and 0.95 percentage points lower than in August 2025, as calculated by GHDatafie from Ministry of Finance figures. Among the figures shown, the lowest is 42.14 percent in January 2026.

What does debt to GDP mean?

It is total public sector debt shown as a percentage of the value of everything the economy produces in a year. The Ministry of Finance calculates it using its own GDP figure for the year.

Does a lower debt to GDP ratio mean Ghana owes less money?

Not necessarily. The ratio can fall because debt falls, because GDP grows faster than debt, or both, so you need the debt in cedis and GDP separately to tell which.

Who publishes Ghana's public debt figures?

The Ministry of Finance publishes them in its public debt data workbooks on mofep.gov.gh. GHDatafie compiles the series as published and is independent of the Ministry.

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.