Ghana to Issue First Local Bond Since 2022 Default | Discuss Ghana

On Thursday, March 26, 2026, the Government of Ghana, through the Ministry of Finance, officially announced its return to the domestic bond market with the release of the Domestic Bond Programme Circular. This marks the first time Ghana will sell local-currency bonds since the historic debt default and subsequent Domestic Debt Exchange Programme (DDEP) in late 2022.

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Key Details of the Issuance

The move is a central pillar of President John Dramani Mahama’s "National Reset" strategy to stabilize the economy and diversify funding sources.

The Security: Ghana will issue a seven-year cedi bond.

The Timeline: The sale is scheduled to open on Monday, March 30, 2026, with initial pricing guidance, and will close on Wednesday, April 1, 2026.

Purpose of Proceeds: The funds will be applied toward budgetary support for the 2026 fiscal year.

Market Mechanics: Bids will be accepted through the Central Securities Depository (CSD) auction system via authorized Bond Market Specialists.

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Why Now? Economic Indicators

The Ministry of Finance cited a "notable improvement in market sentiment" as the primary reason for lifting the three-year freeze on new issuances.

Inflation Victory: Ghana successfully slowed inflation to a near three-decade low of 3.3% as of February 2026.

Rate Cuts: The Bank of Ghana recently slashed interest rates by 14 percentage points to 14.0%, making long-term borrowing more sustainable for the state.

Credibility: The government has honored every coupon payment on its restructured bonds since 2025, leading to credit rating upgrades from S&P, Moody’s, and Fitch.

Reserves: Gross International Reserves hit $14.8 billion (5.8 months of import cover) by the end of February, fueled by a surge in gold prices.

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Ghana’s Debt Profile (Dec 2025 Outturn)

Debt Type	Nominal Value (GH¢)	USD Equivalent
Total Public Debt	640,081.14 Million	$61,221.32 Million
Domestic Debt	333,794.19 Million	$31,926.14 Million
External Debt	306,286.95 Million	$29,295.18 Million

"The goal for re-entry is not for expansionary borrowing, but to lengthen maturities, reduce rollover risks, and create fiscal space... from the financial markets into productive sectors." — Ministry of Finance, March 2026.