The Ministry of Finance has lifted the three-year restriction on the issuance of new domestic bonds, reopening the longer-term segment of Ghana’s local debt market.
Finance Minister Cassiel Ato Forson announced the development through his official social media platforms, explaining that the restriction was introduced in 2023 following Ghana’s sovereign debt default and the subsequent Domestic Debt Exchange Programme (DDEP).
According to the Minister, the measure was put in place to prevent the government from issuing new bonds at a time when the country was restructuring its domestic debt. With the expiration of the restriction, government can now resume issuing longer-dated domestic bonds, reducing its heavy reliance on short-term Treasury bills to finance the budget.
Dr Forson said the decision comes against the backdrop of easing inflationary pressures, renewed investor confidence and improving macroeconomic stability. He added that the move is supported by a strengthened medium-term debt management strategy and the rebuilding of fiscal buffers.
He further noted that since 2025, the government has honoured all coupon payments and obligations under the restructured bonds, demonstrating its commitment to fiscal discipline and responsible debt management.
The administration of President John Dramani Mahama also expressed appreciation to Ghanaians for their patience and cooperation throughout the debt restructuring period.
The reopening of the domestic bond market is seen as a significant step in Ghana’s post-DDEP recovery efforts, signalling a gradual return to normalcy in the country’s domestic debt market.
