The Ministry of Finance has announced the expiration of restrictions on new domestic bond issuance, effectively ending a three-year measure introduced in 2023 at the height of Ghana’s debt crisis.
In a statement, the Ministry explained that “the three-year restriction was imposed in 2023 to prevent the Government from issuing new bonds following the debt default that preceded the Domestic Debt Exchange Programme (DDEP).”
The restriction formed part of a broader strategy to stabilise the domestic debt market and restore macroeconomic credibility after the restructuring exercise under the Domestic Debt Exchange Programme.
According to the Ministry, the expiration comes at a more favourable period for the economy. It stated that the move 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 pointed to its post-restructuring performance as evidence of renewed fiscal discipline. Officials stressed 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.”
The Ministry indicated that this consistent track record has been instrumental in rebuilding investor trust in the domestic bond market.
With the restrictions now lifted, the statement noted that “the expiration of the restrictions paves the way for the 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 believe the move could significantly improve the maturity profile of Ghana’s public debt and ease refinancing pressures in the medium to long term.
Expressing appreciation to citizens, the Ministry 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 sustaining macroeconomic stability in the years ahead.
