The debt position of a country is crucial to the growth of its economy. We argue with empirical basis in this study that, external debt has impact on the growth of Ghana’s economy. A time- series data, spanning from 1991-2019 was analyzed. The findings of the study suggested a statistically significant and inverse relationship between external debt and economic growth. It is also argued in the study that, Ghana’s inflation regime has a significant impact on the growth of her economy. The study further verified the relationship between foreign direct investment and economic growth in Ghana. Results of the study revealed a significant and direct relationship between foreign direct investment in Ghana and the growth of the country’s economy. A test on granger causality found no causal linkage between external debt and economic growth in Ghana. The contribution of the study was finally discussed and limitations stated to serve as a guide for future study.