Gov’t to issue long-dated domestic bonds following expiration of DDEP restrictions – Dep Finance Minister

 

Deputy Minister of Finance, Thomas Nyarko Ampem, has revealed that the government will soon initiate the issuance of long-dated domestic bonds.

He noted that the development will allow the government to explore avenues to raise long-term funds to finance some of its initiatives and the national budget.

The Deputy Minister disclosed this in an interview with JOYBUSINESS at Parliament on Friday, 27 February 2026.

This follows the expiration of restrictions imposed in 2023 under the Domestic Debt Exchange Programme (DDEP). The three-year restriction was designed to prevent the government from issuing new bonds after the debt default preceding the DDEP, as part of broader efforts to stabilise the domestic debt market and restore macroeconomic credibility.

What we were hoping for was this expiration, so the government can take action in exploring ways of issuing new domestic bonds,” Nyarko Ampem said.

Opportunities for Pension Funds and Investors

The Deputy Minister added that the development will provide managers of pension funds and other long-term investors a fresh avenue to “invest their funds.”

“Government now has the option to look at issuing new bonds to support the country’s finances,” he noted.

According to Ampem, the expiration of the restrictions will also allow the government to reduce its dependence on Treasury bills and issue longer-dated domestic bonds. Analysts suggest this could improve the maturity profile of Ghana’s public debt and ease refinancing pressures.

Some analysts indicate that issuance could begin as early as March 2026, potentially allowing for offshore participation and providing meaningful liquidity support.

The timing is particularly notable given the recent drop in Government of Ghana Treasury Bill rates to the single-digit range.

Current Economic Gains and Sustainability

The Deputy Minister also rejected claims that recent improvements in economic indicators are not benefiting Ghanaians.

If you look at the current indicators, the economy has improved significantly compared to what the government inherited in December 2024,” he said.

“A bag of sugar has reduced significantly, and the same applies to building materials, which has directly impacted individuals and businesses,” he added.

Ampem expressed confidence that economic conditions will continue to improve, highlighting low interest rates as a factor that could reduce the cost of doing business in the country.

Commitment to Fiscal Discipline

The Deputy Minister reiterated that the government is fully committed to fiscal discipline, rejecting reports that the Finance Ministry is overspending.

We are spending in the right places and on work executed,” he said.

He also noted that Ghana’s current economic stability and management have been recognised by development partners and investors, underscoring the government’s progress in restoring confidence in the economy.