By Francis Ntow
Accra, July 23, GNA – 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 said although Ghana faced an unsustainable debt crisis three years ago, debt‑to‑GDP has now reduced to 45 per cent.
Delivering the 2026 Budget Review in Parliament, 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.”
“In just three and half years, Ghana has moved from default to credibility, from debt distress to debt sustainability, from market exclusion to renewed investor confidence,” he said.
Dr Forson said Ghana’s Eurobond yields had fallen by about 300 basis points since the beginning of the year.
“This is not just a number. It is the market’s vote of confidence in our economy and our reforms,” he noted.
On the domestic front, the Minister explained that the government had moved beyond reliance on Treasury Bills, successfully issuing a seven‑year cedi‑denominated bond in April 2026 to raise GHS2.7 billion.
He described the issuance as an important step in rebuilding the domestic bond market and restoring long‑term financing in local currency.
“This further demonstrates that Ghana has regained the ability to mobilise long‑term financing in its own currency for development,” he said, announcing plans to strengthen the Sinking Fund for prudent debt management.
Dr Forson cautioned that vigilance was required under the Public Financial Management debt rule, noting that bonds worth GHS58 billion would mature in 2027 and another GHS53 billion in 2028.
“Meeting obligations of this magnitude requires advance planning, not last‑minute scrambling. That is precisely why this government has strengthened the Sinking Fund to set aside money to repay future debt obligations that we inherited,” he said.
Dr Forson disclosed that as of July 22, 2026, GHS15.6 billion had been accumulated in the Sinking Fund, with a target of GHS30 billion by the end of the year to cover maturities in February 2027.
“We are on course to accumulate GHS30 billion cedis in the Sinking Fund by the end of 2026. This will be enough to repay the GHS30 billion DDEP debt that will fall due in February 2027.
“Brick by brick, cedi by cedi, we are building the wall that will meet the wave so that when 2027 and 2028 comes, Ghana will not scramble. Ghana will simply pay,” he assured.
GNA
Edited by Kenneth Sackey
Reporter: Francis Ntow