Ministry of Finance has announced the expiration of restrictions on new domestic bond issuance, three years after the measure was introduced in the wake of Ghana’s debt crisis and the Domestic Debt Exchange Programme (DDEP).
In a statement on February 2, 2026, the Ministry said, “The Ministry of Finance announces the expiration of the restrictions on new domestic bond issuance.”
The restriction was implemented in 2023 after the government defaulted on its debt obligations, a move that led to the rollout of the DDEP to restructure domestic bonds and stabilise the economy.
The Domestic Debt Exchange Programme (DDEP) was launched in December 2022 as part of Ghana’s broader debt restructuring efforts aimed at restoring macroeconomic stability and securing support from international partners.
The programme required holders of domestic bonds to exchange their existing bonds for new ones with extended maturities and adjusted coupon rates, in order to reduce the country’s debt burden and create fiscal space.
Explaining the rationale behind the initial decision to halt new bond issuance, the statement noted that, “The three-year restriction measure was imposed in 2023 to prevent Government from issuing new bonds following the debt default that preceded the Domestic Debt Exchange Programme (DDEP).”
The Ministry indicated that the decision to lift the restriction comes amid improved economic conditions.
According to the statement, “This comes at a time when inflation is low, investor confidence has improved, and the macroeconomic environment is strong, supported by a robust medium-term debt management strategy and significant buffers.”
Government also highlighted its track record in meeting obligations under the restructured bonds, stressing that it has consistently honoured payments.
The statement said, “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.”
With the expiration of the restriction, the government will now be able to issue longer-term domestic bonds, reducing its reliance on short-term Treasury bills for budget financing.
The Ministry explained that, “The expiration of the restrictions paves the way for government to drastically reduce its dependence on Treasury bills to finance its budget and allows for the issuance of new longer-dated domestic bonds.”
The Ministry thanked Ghanaians for their patience during the economic adjustment period, adding, “President John Dramani Mahama’s administration is once again deeply grateful to the Ghanaian people for their forbearance and cooperation during the difficult period.”
