The Ministry of Finance has officially announced the expiration of restrictions on new domestic bond issuance, marking the end of a three-year moratorium imposed in 2023 to stabilize public debt following the sovereign default that ushered in the Domestic Debt Exchange Programme (DDEP).
Finance Minister Dr. Cassiel Ato Forson explained that the measure, which prohibited fresh bond sales in the domestic market, has now concluded at a pivotal moment when inflation sits “low,” investor confidence has strengthened, and the macroeconomic environment proves “strong.” These gains stem from a robust medium-term debt management strategy, bolstered by significant fiscal buffers and prudent monetary policies.
The DDEP, launched amid Ghana’s 2022 economic crisis, restructured approximately GH¢137 billion in domestic debt, swapping short-term instruments for longer-dated bonds with reduced coupons. This voluntary program drew widespread participation from local investors, including pension funds and individuals, to avert a broader financial collapse. Since early 2025, the government has faithfully honored “every coupon payment and obligation” under these restructured instruments, rebuilding trust and signaling renewed “credibility, fiscal discipline, and commitment to responsible debt management.”
With the restrictions lifted, authorities can now pivot away from heavy reliance on Treasury bills, which have crowded out private sector credit and elevated short-term financing costs, toward issuing “new longer-dated domestic bonds.” This shift supports extended debt maturities, lowers rollover risks, and aligns with the 2025-2029 Medium-Term Debt Management Strategy, which prioritizes concessional funding and liability management operations.
Ato Forson emphasized the policy’s forward momentum, stating it paves the way for the government to “drastically reduce its dependence on Treasury bills” and foster a more sustainable fiscal path. President John Dramani Mahama’s administration reiterated its profound appreciation to the Ghanaian people for their “forbearance and cooperation during the difficult period,” crediting public support as foundational to the recovery.
