Cassiel Ato Forson is the Minister for Finance
The Ministry of Finance has announced the expiration of restrictions on new domestic bond issuance, describing the move as a major milestone in Ghana’s fiscal recovery efforts.
In a press release dated March 2, 2026, the Ministry stated that it “announces the expiration of the restrictions on new domestic bond issuance.”
The three-year restriction was introduced in 2023 following the debt default that preceded the Domestic Debt Exchange Programme (DDEP), preventing the government from issuing new bonds during the restructuring period.
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Explaining the background to the decision, the Ministry noted that “the three-year restriction measure was imposed in 2023 to prevent the Government from issuing new bonds after the debt default that preceded the Domestic Debt Exchange Programme (DDEP).”
The statement indicated that current economic conditions have improved significantly, creating room for a policy shift. It pointed out that the expiration 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.”
According to the Ministry, the government has demonstrated renewed credibility in managing its debt obligations. It 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.”
Government further explained that lifting the restriction will allow the government to rebalance its financing strategy.
The statement said, “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.”
The Ministry also conveyed appreciation from the administration of President John Dramani Mahama, noting that it is “once again deeply grateful to the Ghanaian people for their forbearance and cooperation during the difficult period.”
The development signals what authorities describe as a transition from crisis management to a more stable and forward-looking debt strategy, as the government seeks to consolidate recent economic gains and strengthen investor confidence.
NA/MA
