Restrictions imposed against the issuance of new domestic bonds under the International Monetary Fund (IMF) programme have now expired, the Ministry of Finance has said. 

The three-year restriction measure was imposed in 2023 to prevent the government from issuing new bonds following the debt default that preceded the Domestic Debt Exchange Programme (DDEP).

The expiration gives the country a new lease of life and fiscal space to raise some funds domestically to finance important, commercially viable long-term projects.

It also 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.

This comes at a time when inflation is low, the macroeconomic environment is strong, and investor confidence has improved, supported by a robust medium-term debt management strategy and significant buffers.

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.

A statement issued by the Ministry of Finance announcing the development said that the administration of President John Dramani Mahama expressed deep gratitude to the people of Ghana for their forbearance and cooperation during the difficult period. 

Background Context

The IMF approved a $3 billion, three-year loan programme for Ghana in May 2023.

Under the programme, Ghana has been accessing at least $300 million IMF support under the Extended Credit Facility (ECF) to achieve stability, improve debt to GDP ratio, shore up domestic tax revenue and lay the foundation for long-term growth.

The restrictions imposed included not drawing down on some bilateral and multilateral credit agreements, which impacted ongoing projects in the roads and other sectors.