Ghana Rules Out Eurobond Issuance Until 2030 in New Debt Strategy

According to a report by Channel One News published on November 6, 2026, the Government of Ghana has ruled out issuing Eurobonds between 2027 and 2030 as part of measures to protect the country’s debt sustainability and reduce the risks associated with refinancing.

The decision is contained in the 2027 Fiscal Strategy Document, which outlines the government’s fiscal and debt management priorities for the four-year period. Rather than relying on international capital markets, the government intends to finance its budget mainly through domestic borrowing and loans from bilateral and multilateral development partners.

Under the strategy, funding from both banking and non-banking sectors will serve as the main source of domestic financing. The government also plans to strengthen Ghana’s domestic bond market by increasing the issuance of medium- and long-term bonds while reducing its dependence on short-term instruments, particularly Treasury bills.

The strategy further provides for continued monthly transfers equivalent to seven per cent of gross domestic non-oil tax revenue into the Sinking Fund. The fund is expected to help finance the redemption of domestic bond maturities falling due in 2027 and 2028, while building cash buffers to meet future obligations.

For external financing, the government intends to rely mainly on multilateral development institutions through policy-based and project loans. Borrowing from bilateral and multilateral partners will also be subject to limits to ensure that new debt remains consistent with the country’s debt sustainability objectives.

The document projects that Ghana’s public debt-to-GDP ratio will continue to decline, reaching 44.8 per cent by 2034. This would place the ratio below the statutory threshold of 45 per cent under the amended Public Financial Management framework.

Ghana suspended access to international capital markets following the debt crisis that led to the Domestic Debt Exchange Programme in 2022 and subsequent external debt restructuring.

The decision to stay away from Eurobond issuance until 2030 forms part of the government’s broader strategy to limit external borrowing risks, strengthen domestic financing and sustain fiscal consolidation.

GreatNews_3 feedback-opera-news-app@opera.com