Ghana Ends Three-Year Ban on New Domestic Bond Issuance

Ghana’s finance ministry has officially lifted the three-year restriction on new domestic bond issuances, marking a pivotal step in the country’s post-debt-crisis recovery.

The restriction was introduced in 2023 as part of the Domestic Debt Exchange Programme (DDEP), Ghana’s response to its 2022 sovereign default. Under the DDEP, short-term domestic bonds were swapped for longer-dated instruments with lower coupons, and the government voluntarily committed to halting fresh long-term bond sales to stabilize the market, reduce immediate refinancing pressures, and rebuild credibility.

On March 2, 2026, Finance Minister Cassiel Ato Forson announced the expiration of these DDEP-induced limits. In a detailed statement, he highlighted that the move arrives amid a strengthened macroeconomic landscape: low inflation, restored investor confidence, consistent honoring of all coupon payments and obligations on restructured bonds since 2025, and robust buffers supported by the IMF-backed program and a medium-term debt strategy.

The policy shift allows the government to sharply reduce heavy reliance on short-term Treasury bills which have dominated domestic financing since the restructuring and resume issuing longer-dated domestic bonds. This should help lengthen the average maturity of the debt stock, lower rollover risks, and improve overall debt management efficiency.

The announcement reflects broader economic gains under President John Dramani Mahama’s administration. Ghana’s economy has recently crossed the $100 billion GDP mark for the first time, with projections pointing toward $140 billion by the end of 2026. Recent milestones include full-cash coupon settlements under the DDEP (such as the GH¢10 billion payment in February 2026) and steady progress in fiscal discipline.

The finance minister expressed deep gratitude to Ghanaians for their patience and cooperation during the challenging restructuring period, framing the lifted restriction as evidence of restored trust and a return to responsible, sustainable borrowing practices.

While external risks such as potential oil price volatility from geopolitical tensions persist, today’s development signals Ghana’s transition from crisis management toward normalized market access and long-term financial stability.