Ghana will not rush to borrow from international capital markets despite favourable credit ratings, as the country moves out of debt default. Finance Minister Dr. Cassiel Ato Baah Forson announced this strategic decision during the 2026 Budget Review in Parliament on July 25, 2026.
The nation faced an unsustainable debt crisis three years ago. However, Ghana's debt-to-GDP ratio has now significantly reduced to 45%. This improvement reflects a strong recovery and renewed investor confidence in the Ghanaian economy.
This cautious approach fits into Ghana's broader economic narrative of fiscal consolidation and debt sustainability. The government is actively working to rebuild trust with investors after its recent debt default. This strategy aims to prevent a recurrence of past financial challenges and ensure long-term economic stability.
Dr. Forson stated, "Three years ago, Ghana could not borrow on the international capital markets at any price. Today, the markets are inviting us, but we are not in a hurry." He added that Ghana's Eurobond yields have fallen by about 300 basis points since the beginning of the year. This reduction indicates a significant market vote of confidence in Ghana's economic reforms and recovery efforts.
Looking ahead, Ghana's focus remains on prudent financial management. The government plans to strengthen its Sinking Fund, a dedicated account for repaying future debt obligations. This proactive measure aims to prepare for significant debt maturities in the coming years.
On the domestic front, the government has moved beyond relying solely on Treasury Bills. In April 2026, Ghana successfully issued a seven-year cedi-denominated bond, raising GHS 2.7 billion. This issuance marks an important step in rebuilding the domestic bond market and restoring long-term financing in local currency. It demonstrates Ghana's regained ability to mobilise long-term financing within its own economy for development projects.
Dr. Forson cautioned that vigilance is required under the Public Financial Management debt rule. Bonds worth GHS 58 billion will mature in 2027, with another GHS 53 billion due in 2028. Meeting these substantial obligations requires advance planning, not last-minute scrambling, he emphasised.
As of July 22, 2026, GHS 15.6 billion had been accumulated in the Sinking Fund. The government aims to reach GHS 30 billion by the end of 2026. This target will cover the GHS 30 billion in Debt Exchange Programme (DDEP) debt maturing in February 2027. Dr. Forson assured that Ghana is building a robust financial wall to meet these future debt waves, ensuring the country will simply pay its obligations.