The Ministry of Finance has announced the “expiration of the restrictions on new domestic bond issuance,” bringing to an end a three-year restrictive measure introduced in 2023 at the height of Ghana’s debt crisis.
According to the Ministry, “the three-year restriction was imposed in 2023 to prevent Government from issuing new bonds following the debt default that preceded the Domestic Debt Exchange Programme (DDEP).” The policy formed part of broader efforts to stabilise the domestic debt market and restore macroeconomic credibility after the restructuring exercise.
The Ministry noted that the development comes at a more favourable time for the economy. It stated that the expiration occurs “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.”
Government also underscored its post-restructuring performance, stressing that “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.” This track record, officials say, has been central to rebuilding trust in the domestic bond market.
With the restrictions lifted, the Ministry explained that “the expiration of the restrictions 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.” Analysts suggest this shift could improve the maturity profile of Ghana’s public debt and reduce refinancing pressures.
Expressing appreciation to citizens, the statement added that “President John Dramani Mahama’s administration is once again deeply grateful to the Ghanaian people for their forbearance and cooperation during the difficult period,” reaffirming its commitment to maintaining macroeconomic stability going forward.
