Government to Resume Issuance of Long-Dated Domestic Bonds, Says Deputy Finance Minister
Deputy Finance Minister, Thomas Nyarko Ampem, has disclosed that government is preparing to roll out the issuance of long-dated domestic bonds, following the expiration of restrictions introduced under the Domestic Debt Exchange Programme (DDEP).
According to him, the move will create room for the state to mobilise long-term capital to support priority programmes and finance the national budget.
The planned issuance follows the lapse of the three-year moratorium imposed in 2023 after Ghana’s debt default, which preceded the DDEP. The restriction was part of broader efforts to stabilise the domestic debt market and rebuild macroeconomic credibility.
“What we were hoping for was this expiration, so the government can take action in exploring ways of issuing new domestic bonds,” he stated.
Opportunities for Pension Funds and Investors
The Deputy Minister indicated that the resumption of bond issuance will open up new investment channels for pension fund managers and other institutional investors seeking long-term instruments.
“Government now has the option to look at issuing new bonds to support the country’s finances,” he noted.
He added that returning to the bond market will enable government to scale back its reliance on short-term Treasury bills and gradually reintroduce longer-tenor instruments. Market analysts suggest that such a move could help improve Ghana’s debt maturity structure and reduce refinancing risks.
Some analysts further project that issuance could commence as early as March 2026, potentially attracting offshore investor participation and boosting liquidity in the domestic market.
The development comes at a time when yields on Government of Ghana Treasury bills have declined into single-digit territory, reflecting improving macroeconomic conditions.
Current Economic Gains and Sustainability
Mr Nyarko Ampem also dismissed assertions that recent macroeconomic gains have not translated into tangible benefits for citizens.
“If you look at the current indicators, the economy has improved significantly compared to what the government inherited in December 2024,” he said.
He cited reductions in the prices of key commodities, including sugar and selected building materials, as evidence of easing cost pressures on households and businesses.
Expressing optimism about the outlook, the Deputy Minister pointed to lower interest rates as a catalyst for reducing the cost of borrowing and stimulating business activity.
Commitment to Fiscal Discipline
Reaffirming government’s commitment to prudent fiscal management, Mr Nyarko Ampem rejected claims that the Finance Ministry is engaging in excessive spending.
“We are spending in the right places and on work executed,” he maintained.
He added that Ghana’s improving macroeconomic stability has earned recognition from development partners and investors, underscoring renewed confidence in the country’s economic management framework.
