Ghana has made a triumphant return to the domestic bond market, successfully raising $2.7 billion via its first seven-year cedi-denominated bond since the 2022 debt default, marking a pivotal milestone in restoring long-term local currency financing.
Delivering the Mid-Year Fiscal Policy Review of the 2026 Budget in Parliament on Thursday, July 23, 2026, Finance Minister Dr Cassiel Ato Forson declared that the nation has overcome the classic economic hurdle known as the “original sin”, where a country struggles to secure long-term borrowing in its own currency.
“Mr speaker, Ghana has now overcome what the economies describe as the original sin. Which is the inability of the country to borrow over the long term in its own currency,” he stated.
Dr Forson highlighted that in the wake of the 2022 sovereign debt collapse, the government was completely shut out of long-term borrowing and was forced to depend strictly on short-term treasury bills to fund the national budget.
“Mr speaker, following the twenty twenty-two public debt default government could not borrow long term inceases and rely and solely on treasury bills to finance the budget,” he told the House.
According to the Minister, the successful bond issuance in April 2026 effectively broke a three-and-a-half-year freeze on fresh cedi bond issuances.
“Mr speaker, in April twenty twenty-six Ghana successfully raised two point seven billion dollars through its first seven year city denominated bond since the twenty twenty-two debt default. This marks an important step in rebuilding the domestic bond market and restoring long term financing in our own currency,” Dr. Forson said.
He framed the economic turnaround as a monumental victory for the entire nation.
“In this year of twenty twenty-two it’s now against final stage. In just three and a half years, Ghana has moved from default to credibility. From debt to stress to debt sustainability. From market to a renewed investor confidence. This is an achievement every Ghanaian can be proud of,” he said.
By: Rainbowradioonline.com/Ghana
