Ghana has ruled out any return to the international capital market in 2026, signaling a major shift in its post-bailout financing strategy as the country exits its three-year Extended Credit Facility programme with the International Monetary Fund.
Finance Minister, Dr. Cassiel Ato Forson, said although Ghana will maintain close engagement with the IMF after the current programme, the government has no immediate plans to seek another bailout arrangement or raise fresh Eurobond debt from the international market.
Instead, the government intends to transition onto a non-financing IMF instrument known as the Policy Coordination Instrument, a framework designed to support policy credibility and macroeconomic discipline without direct financial support from the Fund.
The announcement marks one of the clearest indications yet that authorities are attempting to steer Ghana away from dependence on external commercial borrowing following the country’s debt restructuring programme and prolonged exclusion from global capital markets.
Addressing journalists a joint press conference with the IMF Mission in Accra, Dr. Forson stressed that the Mahama administration is prioritising fiscal stability over aggressive external borrowing despite improving investor sentiment towards Ghana.
“We are not in a hurry to go unto the International Capital markets and if we find a need to go to the international capital markets we will accordingly inform the people of Ghana.”
The Finance Minister disclosed that the government’s 2026 budget assumptions do not include any external commercial borrowing, effectively taking a Eurobond issuance off the table for the year.
“One thing is for sure, the 2026 budget never assumed that we are going to the international capital markets for any form of financing, so it is off the table for at least for this year.”
The comments are likely to reassure investors and multilateral partners who have consistently warned Ghana against a premature return to the Eurobond market before debt sustainability gains are fully secured.
Dr. Forson, however left the door open for a possible return to the market in the medium term, insisting future decisions would depend on financing conditions and government priorities.
“In the medium term it will depend on what the government seeks to do so I can assure that we are not in a hurry to go back to the International capital markets.”
Ghana has remained locked out of the international debt market since 2022 after losing access amid soaring debt levels, rapid currency depreciation and worsening investor confidence that eventually forced the country into debt restructuring negotiations with both domestic and external creditors.
The government’s decision to opt for a Policy Coordination Instrument instead of a successor bailout programme also suggests confidence among authorities that Ghana may have moved beyond the emergency phase of its economic crisis.
Under the instrument, the IMF continues to monitor and assess macroeconomic reforms, but without disbursing financial support.
For his part, IMF Mission Chief to Ghana, Dr. Ruben Atoyan maintained that any decision on whether Ghana returns to the international capital market ultimately rests with the government.
“In terms of the access to the capital market, it is a sovereign decision for Ghana.”
