The Ministry of Finance has officially announced the end of restrictions on the issuance of new domestic bonds, signaling a major shift in Ghana’s post-debt restructuring strategy.
Finance Minister Dr. Cassiel Ato Forson explained in a statement that the limitations were introduced in 2023 following the country’s debt default and the subsequent Domestic Debt Exchange Programme (DDEP).
“The three-year restriction measure was imposed in 2023 to prevent the government from issuing new bonds following the debt default that preceded the Domestic Debt Exchange Programme (DDEP),” Dr. Forson said.
With the restrictions now lifted, the government is expected to gradually reduce its heavy reliance on short-term Treasury bills to finance the national budget.
The move also paves the way for the reintroduction of longer-dated domestic bonds into the market.
The Finance Minister noted that the timing reflects improving economic conditions, citing lower inflation, renewed investor confidence, and a more stable macroeconomic outlook.
He added that the country’s medium-term debt management framework and existing fiscal buffers provide a solid foundation for this transition.
“Since 2025, the Government has honoured every coupon payment and obligation under the restructured bonds, demonstrating its credibility, fiscal discipline, and commitment to responsible debt management,” the statement said.
The statement also conveyed appreciation from the presidency.
“President John Dramani Mahama’s administration is once again deeply grateful to the Ghanaian people for their forbearance and cooperation during the difficult period,” it added.
Read the full statement below:
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