Ghana’s government plans to re-enter the domestic capital market in 2026 to restructure existing debt, extend maturities, and reduce rollover risks, Finance Minister Ato Forson said on Wednesday during the presentation of the 2026 budget.
The move is aimed at creating fiscal space for investment in productive sectors, rather than increasing borrowing. “2026 begins a new chapter in Ghana’s public debt management, one anchored in foresight, discipline, and innovation,” Forson said, highlighting the government’s focus on long-term financial resilience.
Ghana will use bond buybacks, exchanges, and targeted cash operations to smooth domestic debt repayment schedules and lower interest costs. “Through buybacks, bond exchanges, and targeted cash operations, we will smoothen the maturity profile of domestic debt, lower interest costs, and support market stability,” Forson added.
The government has fully operationalized the Ghana Sinking Fund, a dedicated buffer in cedis and dollars to cover future debt obligations. Forson described it as “a symbol of Ghana’s renewed credibility and long-term fiscal prudence.”
Additionally, reforms to the Primary Dealer and Bond Market Specialist framework will ensure only financially strong, credible institutions participate in the domestic bond market. “The situation where companies connected to managers of the economy were also acting as Primary Dealers and Bond Market Specialists, will be a thing of the past,” he said.
The measures are intended to rebuild investor confidence, deepen liquidity, and enhance transparency in Ghana’s domestic debt market, while ensuring that every cedi borrowed delivers value to the economy.
