This study sought to compare the effects of debts on economic growth of Ghana and Nigeria. The specific objectives were to evaluate the impact of bilateral debt and also assess the impact of multilateral debts respectively on economic growth of Ghana and Nigeria. Ex-post facto research design was adopted for the study. Secondary data were sourced from Central Bank of Nigeria statistical bulletin, Debt management office Nigeria and Debt management division of ministry of finance Ghana. The regression analysis based on Ordinary least square (OLS) was used to test our null hypotheses. Two hypotheses were tested in the study. Findings from the study revealed that multilateral debts significantly impacted negatively on the economic growth of Ghana while its negative impact in Nigeria was not significant. Moreover, bilateral debt impacted significantly for Ghana but not for Nigeria. The study therefore concludes that the governments of Ghana and Nigeria should ensure that multilateral debts when contracted should be tied to self- liquidating projects and also for longer period of moratorium.