The Ministry of Finance has officially announced the expiration of restrictions on new domestic bond issuances, signalling Ghana’s full return to the long-term capital market.
The three-year moratorium was originally implemented in 2023 following the debt default that led to the Domestic Debt Exchange Programme (DDEP).
The restriction served as a safeguard to stabilise the economy and prevent further debt accumulation during the restructuring phase.
The expiration of these curbs marks a strategic pivot for the government’s fiscal management.
According to Finance Minister Ato Forson, the move allows the state to drastically reduce its reliance on short-term Treasury bills to fund the national budget. Instead, the government will now prioritise the issuance of longer-dated domestic bonds to create a more sustainable debt profile.
In a Facebook post, he cited several key factors driving this transition.
According to him, this shift is underpinned by a surge in macroeconomic strength, characterised by a low inflation environment and a marked restoration of investor confidence.
Central to this recovery is the government’s demonstrated fiscal discipline; since 2025, the state has consistently met every coupon payment and obligation under restructured bonds without delay.
The newfound credibility is further protected by strategic buffers and a robust medium-term debt management strategy, both of which are designed to ensure long-term stability and prevent a recurrence of past fiscal pressures.
He emphasised that the recovery was a collective effort.
The administration of President John Dramani Mahama expressed deep gratitude to the Ghanaian public for their “forbearance and cooperation” during the difficult economic adjustments necessitated by the DDEP.
With the restrictions now lifted, the government enters a new phase of responsible debt management aimed at securing long-term financial sovereignty.
Read the statement below
EXPIRATION OF DDEP-INDUCED RESTRICTIONS ON DOMESTIC BOND ISSUANCE
1. The Ministry of Finance announces the
expiration of the restrictions on new domestic bond issuances.
2. The three-year restriction measure was imposed in 2023 to prevent the government from issuing new bonds following the debt default that preceded the Domestic Debt Exchange Programme (DDEP).
3. This comes 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.
4. 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.
5. The expiration of the restrictions paves the way for government to drastically reduce its dependence on Treasury bills to finance its budget and allows for the issuance of new longer-dated domestic bonds.
6. President John Dramani Mahama’s administration is once again deeply grateful to the Ghanaian people for their forbearance and cooperation during the difficult period.
END
By: Rainbowradioonline.com/Ghana
