The Ministry of Finance has conducted its inaugural investor town hall engagement since 2021, uniting investors, bankers, and bond market specialists, as the government intensifies its efforts to restore confidence in Ghana’s economy and debt market.
In his opening remarks, Chief Director Patrick Nomo characterized the engagement as a significant milestone, expressing hope that Ghana would avoid reverting to a path of debt default. He underscored the Ministry’s dedication to transparency, policy credibility, and ongoing interaction with the investor community.
Finance Minister Dr. Cassiel Ato Forson reassured attendees that the economy is firmly on a path to recovery, supported by improving macroeconomic fundamentals and disciplined fiscal management.
He highlighted a strong performance since the Domestic Debt Exchange Programme (DDEP), which includes successive reviews of the IMF programme with disbursements surpassing US$700 million, a sovereign credit rating upgrade to B- with a stable outlook, and the successful servicing of both domestic and external debt obligations, including over US$1.4 billion in Eurobond payments due in 2025.
The Minister pointed out that inflation has significantly and consistently decreased to 3.3 percent, representing a multi-year low, while growth has rebounded robustly, bolstered by sustained expansion in the real sector. He noted that fiscal consolidation is back on course, with a primary surplus achieved without compromising essential social and infrastructure expenditures.
In outlining the 2026 macroeconomic framework, Dr. Forson described the targets as “credible and achievable.” He emphasized that revenue performance is increasingly reliant on domestic mobilization, with non-oil tax revenue constituting over 80 percent of total inflows.
Regarding the debt situation, the Minister elaborated on proactive strategies for managing liabilities that are designed to mitigate refinancing risks, especially concerning the maturities in 2027 and 2028. He stated that the Government is creating buffers through the Sinking Fund, allocating portions of non-oil tax revenue, and executing debt reprofiling initiatives to enhance the maturity profile and lower interest expenses.
Additionally, he emphasized reforms aimed at increasing transparency, which include the regular release of issuance calendars and enhanced communication with market participants. He also mentioned initiatives to bolster cash buffers and facilitate orderly operations in the domestic bond market after the conclusion of DDEP-related issuance limitations.
Following the presentations, an interactive session took place, allowing participants to engage with the Minister and his team on topics such as fiscal policy, debt sustainability, and market outlook.
Numerous attendees conveyed a renewed sense of confidence in the management of the Ghanaian economy and appreciated the government’s dedication to transparency, discipline, and ongoing engagement.
