Finance Ministry lifts three year ban on domestic bond issuance

The Ministry of Finance has announced the expiration of restrictions placed on the issuance of new domestic bonds following Ghana’s Domestic Debt Exchange Programme.

In a press release issued by the Public Relations Unit of the Ministry of Finance, the Ministry said the three-year measure, introduced in 2023 after the country’s debt default, has now lapsed.

The restriction was originally imposed to prevent the government from issuing new bonds in the immediate aftermath of the default that preceded the Domestic Debt Exchange Programme. According to the Ministry, the decision to allow the measure to expire comes at a time when macroeconomic conditions have stabilised significantly.

The statement noted that inflation has declined, investor confidence has rebounded and the broader economic environment has strengthened. It added that these gains are supported by a robust medium term debt management strategy and the build-up of significant financial buffers.

The Ministry further indicated that since 2025, government has honoured every coupon payment and obligation under the restructured bonds. This track record, it said, demonstrates fiscal discipline, credibility and a firm commitment to responsible debt management.

With the restrictions lifted, government is expected to reduce its heavy reliance on short term Treasury bills to finance the budget. The development also opens the door for the issuance of new longer-dated domestic bonds, which could help improve debt sustainability and deepen the local bond market.

The Ministry expressed appreciation to Ghanaians for their patience and cooperation throughout the difficult period of economic restructuring.