The Bank of Ghana has warned that Ghana’s remaining external debt restructuring negotiations could create short-term external payment pressures. This situation could test the Ghana cedi and increase the country’s future debt servicing obligations.
The central bank stated in its May 2026 Monetary Policy Report that completing these negotiations may impact the domestic currency. It also highlighted the need for stronger domestic savings to meet upcoming external debt service payments. Sustained accumulation of foreign exchange reserves will be important for meeting external debt obligations and ensuring stability.
This caution comes despite encouraging signs that the government’s fiscal consolidation program is showing progress. Fiscal targets were met in the first quarter of 2026. This happened even with initial worries about revenue collection and the speed of government spending.
Revenue collections began improving in April 2026, following new tax measures introduced in the 2026 Budget. The central bank linked this improvement to new technology and artificial intelligence. These tools help prevent revenue losses and make tax administration more efficient.
The government also plans tighter control over spending. It will expand its system for approving spending commitments. It will also use its value-for-money initiative to improve spending discipline.
However, the Bank of Ghana noted other risks to government finances. These include unpredictable commodity prices and increasing global political tensions. Achieving long-term debt stability requires continued fiscal discipline, stronger economic growth, lower interest rates, and a stable exchange rate.
Government finances showed an overall budget surplus of GHS 1.709 billion in the first quarter of 2026. This figure is 0.1 percent of Ghana’s Gross Domestic Product (GDP) and exceeded the projected deficit. The primary balance also recorded a surplus of 1.2 percent of GDP, significantly above the 0.2 percent target.
Finance Minister Dr. Cassiel Ato Forson has assured investors that the government has enough financial resources to meet its debt obligations. Speaking on July 9, 2026, he mentioned plans to meet GHS 10 billion in debt repayments due in August. He also stated that GHS 54 billion is due in 2027.
Dr. Forson confirmed Ghana has already honored about US$1.4 billion in Eurobond repayments this year. He expects the country to meet all future debt obligations without defaulting. These statements aim to maintain investor confidence amid the ongoing debt restructuring discussions.