New Domestic Bonds Issuance Back on the Table as Three-Year Restriction Ends
The Ministry of Finance has announced the expiration of restrictions on the issuance of new domestic bonds, effectively reopening the longer-term segment of the local debt market.
The announcement was made by the Finance Minister, Cassiel Ato Forson, via his official social media platforms.
According to the Minister, the three-year restriction was introduced in 2023 to halt new bond issuances after the sovereign debt default that preceded the Domestic Debt Exchange Programme (DDEP).
“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 (DDEP),” Dr Forson stated.
The lifting of the measure clears the path for government to reduce its heavy reliance on short-term Treasury bills for budget financing and resume the issuance of longer-dated domestic instruments.
Dr Forson indicated that the decision is being implemented against a backdrop of easing inflationary pressures, renewed investor confidence and improved macroeconomic stability. He noted that the outlook is further underpinned by a strengthened medium-term debt management strategy and the build-up of fiscal buffers.
“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,” he said.
The statement also conveyed appreciation from the administration of John Dramani Mahama to Ghanaians for their patience and cooperation during the debt restructuring period.
“President John Dramani Mahama’s administration is once again deeply grateful to the Ghanaian people for their forbearance and cooperation during the difficult period,” the statement added.
The development marks a significant step in Ghana’s post-DDEP recovery efforts, signalling a gradual return to normalcy in the domestic bond market.
