IMF projects Ghana's debt-to-GDP to rise to 53% by 2026 despite recent gains

The International Monetary Fund (IMF) projects Ghana's debt-to-GDP ratio to rise to 53.0% by the end of 2026, up from 45.3% recorded in 2025, according to the IMF's Fiscal Monitor Report released on the sidelines of the 2026 Spring Meetings of the IMF and World Bank in Washington DC. The report noted that "Government debt and interest rate projections are based on a post-debt restructuring scenario."

In 2024, Ghana's debt-to-GDP ratio stood at 61.8%, with total debt pegged at GH¢726.7 billion, according to data from the Bank of Ghana. By 2025, the ratio had eased to 45.3%, with total debt declining to GH¢641 billion. In April 2026, the government raised about GH¢2.7 billion through a 7-year bond issuance, carrying a coupon rate of 12.5% and maturing on March 29, 2033. Ghana Statistical Service data shows the size of the economy is now estimated at GH¢1.4 trillion, up from GH¢1.1 trillion in 2024.

The IMF report also projects that Ghana's debt-to-GDP ratio will ease to 50.7% in 2027. Finance Minister Dr. Ato Forson, in the 2026 Budget Statement, outlined measures aimed at maintaining debt sustainability, and said the strategy is aimed at "managing debt, not being managed by it," adding that Ghana's goal is to return to a moderate risk of debt distress by 2028. The Fund expects Ghana to reach a moderate risk status by **2