The Ministry of Finance has announced the expiration of restrictions on new domestic bond issuance, marking a significant milestone in Ghana’s economic recovery.
The three-year restriction, imposed in 2023 following the debt default that preceded the Domestic Debt Exchange Programme (DDEP), prevented government from issuing new bonds. Its expiration signals renewed confidence in Ghana’s fiscal management and debt sustainability.
Officials noted that the move comes at a time when inflation has eased, investor confidence has improved, and the macroeconomic environment is supported by a robust medium-term debt management strategy and significant financial buffers.
Since 2025, government has honoured every coupon payment and obligation under the restructured bonds, a track record that the Ministry says demonstrates credibility, fiscal discipline, and commitment to responsible debt management.
Implications of the Policy Shift
- Reduced Reliance on Treasury Bills: With the restrictions lifted, government can now issue longer-dated domestic bonds, reducing dependence on short-term Treasury bills to finance the budget.
- Strengthened Debt Management: Longer-term instruments are expected to provide stability, spread repayment obligations, and deepen Ghana’s domestic capital markets.
- Investor Confidence: The move is likely to attract more institutional investors, reinforcing Ghana’s reputation for fiscal responsibility.
President John Dramani Mahama’s administration expressed gratitude to the Ghanaian people for their patience and cooperation during the difficult period of restructuring.
“This marks a new chapter in Ghana’s financial resilience,” the Ministry of Finance stated, underscoring the government’s determination to pursue responsible debt management while supporting growth and stability.
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