Ghana returns to long-term borrowing as domestic bond restrictions expire

The Ministry of Finance has officially lifted the restrictions on new domestic bond issuances, bringing an end to a three-year policy implemented during the height of Ghana’s economic crisis.

In an official statement released on March 2, 2026, the Ministry confirmed that the measures, first introduced in 2023 following the country’s debt default and the subsequent Domestic Debt Exchange Programme (DDEP), have now lapsed.

“The three-year restriction measure was imposed in 2023 to prevent Government from issuing new bonds following the debt default that preceded the Domestic Debt Exchange Programme,” the statement explained.

The decision to allow the measure to expire reflects a significant improvement in the country’s economic fundamentals. According to the Ministry, “This comes at a time when inflation is low, investor confidence has improved, and the macroeconomic environment is strong, supported by a robust medium-term debt management strategy and significant buffers.”

The statement also highlighted the government’s strong track record under the restructured debt programme. “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.”

With the restrictions now removed, the government is set to overhaul its financing strategy. The Ministry noted that the move “paves the way for government to drastically reduce its dependence on Treasury bills to finance its budget and allows for the issuance of new longer-dated domestic bonds.”

During the restructuring period, the government was forced to rely heavily on short-term Treasury bills to meet its financing needs. This reliance exposed the state to significant rollover risks and increased short-term borrowing pressures. The reintroduction of longer-dated instruments is expected to lengthen the maturity profile of the public debt and inject greater stability into the domestic financial market.

In a gesture of national unity, the statement concluded with an expression of gratitude from President John Dramani Mahama. “President John Dramani Mahama’s administration is once again deeply grateful to the Ghanaian people for their forbearance and cooperation during the difficult period.”