The Ministry of Finance has announced the expiration of restrictions on new domestic bond issuance, ending a three-year measure introduced in 2023 at the height of Ghana’s debt crisis.
A statement issued by the Ministry said the restriction was imposed to prevent the Government from issuing new bonds following the debt default that preceded the Domestic Debt Exchange Programme (DDEP).
The policy formed part of broader measures aimed at stabilising the domestic debt market and restoring macroeconomic credibility after the restructuring exercise.
According to the Ministry, the expiration of the restriction comes at a more favourable time for the economy, with inflation easing, improved investor confidence and a stronger macroeconomic environment supported by a robust medium-term debt management strategy and significant buffers.
The Government highlighted its performance since the restructuring, noting that from 2025 it had honoured all coupon payments and obligations under the restructured bonds, demonstrating fiscal discipline and commitment to responsible debt management.
Officials indicated that this track record had played a key role in rebuilding trust in the domestic bond market.
With the restrictions lifted, the Ministry explained that the move would reduce Government’s reliance on Treasury bills to finance the budget and allow for the issuance of new, longer-dated domestic bonds.
Analysts say the shift could help improve the maturity profile of Ghana’s public debt and ease refinancing pressures.
The statement also conveyed appreciation to citizens for their cooperation during the challenging period and reaffirmed the Government’s commitment to sustaining macroeconomic stability under the leadership of John Dramani Mahama.
