Minister for Finance Cassiel Ato Forson has announced the expiration of restrictions on new domestic bond issuance, marking a major step in the country’s post-debt-restructuring recovery.
In a statement shared on social media, Dr. Forson said the Ministry of Finance (Ghana) has officially lifted the three-year ban imposed in 2023 following Ghana’s debt default and the Domestic Debt Exchange Programme (DDEP).
The bond issuance restrictions were introduced in 2023 to prevent the government from issuing new domestic bonds after Ghana defaulted on its debt and embarked on the DDEP.
The move was aimed at stabilising the financial system and restoring confidence in government securities.
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According to the Finance Minister, the decision comes at a time when Ghana’s economic fundamentals have significantly improved.
“This comes at a time when inflation is low, investor confidence has improved, and the macroeconomic environment is strong,” he said, adding that a robust medium-term debt management strategy and significant buffers support the progress.
These improvements, he noted, have created the right conditions for a return to longer-term domestic borrowing.
Dr. Forson indicated that since 2025, the government has consistently met its obligations under the restructured bonds.
“The Government has honoured every coupon payment and obligation under the restructured bonds since 2025,” he said.
He explained that this track record demonstrates Ghana’s renewed credibility, fiscal discipline, and commitment to responsible debt management.
With the restrictions now lifted, the government is expected to reduce its heavy reliance on short-term Treasury bills.
“The expiration of the restrictions paves the way for the government to drastically reduce its dependence on Treasury bills to finance its budget,” Dr. Forson noted.
He added that the move will allow for the issuance of longer-dated domestic bonds, helping to improve debt sustainability and reduce refinancing risks.
The Finance Minister also conveyed the appreciation of President John Dramani Mahama and his administration to citizens for their patience during the economic downturn.