🇬🇭 Ghana
Public Sector Debt · 2026
Total Debt
63.5%
of GDP
Global Rank
#80
of 192
Interest Burden
25%
of govt revenue
S&P Rating
SD
Credit rating
SOE Debt
+7.4%
4 categories
5yr Change
-8pp
improving
Where the Debt Sits
Central Government
Central Government: 56.1%Dev Banks: 0.4%Energy SOEs: 4.9%Infrastructure: 0.3%Public Corps: 1.8%
Full Debt Breakdown
Central Government56.1% of GDP
Central GovernmentIMF WEO — General Government Debt
56.1%Energy SOEs4.9% of GDP
ECG / GRIDCo / VRA (electricity)Ghana MOF / Energy News AfricaEnergy sector debt $3.1B. ECG has 32% distribution losses
3.7%GNPC / Ghana Gas (petroleum)PIAC / Citi NewsroomGovt owes GNPC ~$1B
1.2%Infrastructure SOEs0.3% of GDP
Ghana Railway CompanyAfreximbank / BusinessWorld Ghana$2.1B Western Railway facility planned
0.3%Public Corporations1.8% of GDP
Cocobod (cocoa board)Graphic Online / GhanaWebBroke 32-year syndicated loan cycle in 2024/25
1.8%Development Banks0.4% of GDP
ADB Ghana (Agricultural Dev Bank)ADB Ghana Annual Report 2024Returned to profitability after govt capital injection
0.4%Total Corporate Debt7.5% of GDP
NF corporate debt (est.)WB WDI 2020
7.5%Household Debt4.0% of GDP
Household debt (est.)WB WDI 2020
4.0%All Layers Total75.0%
Credit Ratings
S&P
SD
Moody's
Caa3
Fitch
RD
Data Sources
IMF WEO — General Government Debtgeneral_government · Updated semi_annual
Dec 202656.1% GDP
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