The Ministry of Finance Ghana has announced the expiration of restrictions on new domestic bond issuance, ending a three-year limitation first introduced in 2023 amid Ghana’s debt crisis.

The Ministry explained that the restrictions were initially imposed to prevent the government from issuing new bonds following the debt default that preceded the Domestic Debt Exchange Programme (DDEP). The measure was part of broader efforts to stabilise the domestic debt market and restore macroeconomic credibility after the restructuring.

Officials noted that the lifting of the restrictions comes at a favourable time for the economy, saying it coincides with low inflation, improved investor confidence, and a strong macroeconomic environment supported by a robust medium-term debt management strategy and significant fiscal buffers.

Since 2025, the government has honoured all coupon payments and obligations under the restructured bonds, demonstrating fiscal discipline and commitment to responsible debt management—a track record that has helped rebuild trust in the domestic bond market, the Ministry added.

With the restrictions removed, the government can now reduce its reliance on Treasury bills for budget financing and issue new, longer-dated domestic bonds. Analysts suggest this could improve the maturity profile of Ghana’s public debt and ease refinancing pressures.

The Ministry also expressed gratitude to citizens for their patience during the challenging period, stating that “President John Dramani Mahama’s administration is deeply grateful to the Ghanaian people for their forbearance and cooperation” and reaffirming its commitment to maintaining macroeconomic stability going forward.