The Ghana local bond market has officially reopened as of March 2, 2026, following the expiration of a three-year restriction on new domestic bond issuances.
This restriction was originally imposed in 2023 during the height of the debt crisis and the subsequent Domestic Debt Exchange Programme (DDEP). Dr. Theo Acheampong, a Technical Advisor at the Ministry of Finance, has indicated that the 2026 budget signals a shift from stabilization to “real economic activity,” with the local capital markets expected to react positively to the government’s growth-oriented direction. The government plans to tap into this reopened market to raise GH¢10 billion specifically for infrastructure through a new “Big Push” initiative.
He said the Ministry of Finance announced on March 2, 2026, that the three-year freeze on new bonds has ended, allowing the government to move beyond short-term Treasury bills toward longer-dated instruments. According to Dr. Acheampong confidence has been bolstered by the successful payout of GH¢19.4 billion to DDEP bondholders in 2025, including a final GH¢9.7 billion disbursement in early 2026.
He revealed the IMF has welcomed the reopening of the local market but emphasized that new issuances must remain “prudent, carefully calibrated, and sequenced” to align with long-term debt-sustainability goals.
Dr. Acheampong remains optimistic, projecting that 2026 will be a “strong year” for Ghana as it prepares to exit its IMF program by mid-year. However, he cautioned that disciplined budget execution remains critical, as external shocks such as fluctuations in gold and cocoa prices could still pose risks to the fiscal outlook.
