GHDatafie blog

Ghana's public debt to GDP ratio was 46.55 per cent in July 2026

GHDatafie, 22 October 2026

Ghana's total public sector debt was 46.55 per cent of gross domestic product (GDP) in July 2026, according to the Ministry of Finance. The figure is provisional and was published on 14 September 2026. GHDatafie calculated that it is 0.90 percentage points higher than in June 2026 and 1.22 percentage points higher than in July 2025.

Ghana's public sector debt stood at 46.55 per cent of GDP in July 2026, according to the Ministry of Finance (MoF). The ministry marks the figure as provisional. It was published on 14 September 2026, together with the figures for January to June 2026.

The ratio compares everything the public sector owes with the size of the economy. A reading of 46.55 per cent means total public debt was equal to just under half of the value of the goods and services Ghana produces in a year, using the GDP figure MoF uses for that year.

How July compares

In June 2026 the ratio was 45.65 per cent. GHDatafie calculated that the July figure is 0.90 percentage points higher than June.

A year earlier, in July 2025, the ratio was 45.33 per cent. GHDatafie calculated that July 2026 is 1.22 percentage points higher than that.

A percentage point is the plain gap between two percentages. Moving from 45.65 per cent to 46.55 per cent is a rise of 0.90 percentage points.

The figures for 2026 so far

The figures shown for 2026, all provisional, are:

• January: 42.14 per cent
• February: 42.80 per cent
• March: 43.55 per cent
• April: 44.17 per cent
• May: 45.73 per cent
• June: 45.65 per cent
• July: 46.55 per cent

The ratio has been higher in most months of 2026 than the month before, with June the exception. For comparison, MoF's provisional figure for December 2025 was 45.96 per cent.

In the figures shown, the January reading in each year is lower than the December reading before it. In January 2026 it was 42.14 per cent, against 45.96 per cent in December 2025. MoF calculates each month's ratio with its own GDP figure for the year, so readings from different years are measured against different GDP figures.

What the indicator measures

The series comes from MoF's public debt data workbooks. It is the line MoF labels "TOTAL PUBLIC DEBT/GDP": total public sector debt as a percentage of nominal GDP. Nominal GDP is the value of output at current prices, without adjusting for inflation. The series begins in January 2023 and is published monthly.

All the values shown here are provisional. Figures are as published by MoF and may be revised. When MoF restates a figure in a later file, GHDatafie keeps the new value as a revision.

You can see the full series and download it on the public sector debt to GDP page, and find other recent publications on the releases page.

Where the figures come from

The figures are from the Ministry of Finance, Ghana (mofep.gov.gh), as published in its public debt data. They are compiled by GHDatafie, which is independent of and not endorsed by MoF. Series page: Public sector debt to GDP.

Questions people ask

What is Ghana's public debt to GDP ratio?

According to the Ministry of Finance, Ghana's total public sector debt was 46.55 per cent of GDP in July 2026. The figure is provisional and may be revised.

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

It rose. GHDatafie calculated that the July 2026 figure of 46.55 per cent is 0.90 percentage points higher than June 2026's 45.65 per cent, based on provisional Ministry of Finance figures.

How does Ghana's debt to GDP ratio compare with a year ago?

In July 2025 the ratio was 45.33 per cent, according to the Ministry of Finance. GHDatafie calculated that July 2026, at 46.55 per cent, is 1.22 percentage points higher.

What does public debt to GDP mean?

It is total public sector debt divided by nominal GDP, the value of the economy's output at current prices, shown as a percentage. The Ministry of Finance calculates it using its own GDP figure for the year.

Who publishes Ghana's public debt figures?

The Ministry of Finance publishes them in its public debt data workbooks at mofep.gov.gh. GHDatafie compiles the figures 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.