Some offshore investors and fund managers are pressing Ghana to return to the international capital markets, citing improving economic conditions, credit rating upgrades, and stronger international reserves—but the government has maintained that it sees no motivation to do so, with the 2026 budget making no provision for external commercial borrowing.
The calls emerged during investor engagements at the IMF/World Bank meetings in Bangkok, Thailand, including sessions attended by Joy Business. The issue also featured prominently at private meetings organised by international banks, where investors expressed interest in Ghana raising funds through bonds and syndicated loans.
For some investors, Ghana’s improving economic stability and the Bank of Ghana’s reserve build-up make the country an increasingly attractive investment destination. Others point to Ghana’s decision to pursue a non-financing Policy Coordination Instrument (PCI) programme with the IMF, which they believe could help sustain fiscal discipline and protect recent economic gains. “With Ghana being under this PCI Programme, we don’t see things deteriorating or Ghana departing from the current economic gains soon,” one fund manager told Joy Business.
Some investors are also seeking to diversify their portfolios and secure higher returns than those available in the United States. According to views expressed during the engagements, a Ghanaian Eurobond could offer investors an average yield of about 8%, compared with returns of around 5% or lower on US investments—a yield that would, however, represent a borrowing cost for Ghana. Another investor said that despite lingering concerns following Ghana’s debt default, the safeguards associated with the proposed PCI programme could help reduce the risk of another default.
The Rating Upgrades Behind the Push
Investor appetite has been bolstered by a steady stream of positive credit signals. Moody’s lifted Ghana’s sovereign rating to “B3” from “Caa1” on October 9, the second upgrade in a year, citing lower borrowing costs and improved debt affordability. The agency noted that financing costs have remained lower despite external headwinds from the Middle East conflict, “a reflection of continued fiscal discipline, which is underpinned by institutional improvements” . Moody’s also revised Ghana’s outlook to stable, expecting macroeconomic stability and reduced government liquidity risk to be sustained. It noted that gold, which accounted for 67% of Ghana’s goods exports in 2025, is expected to support strong current account surpluses .
Fitch had earlier upgraded Ghana to “B” from “B-” in May with a positive outlook, citing improved fiscal management and increased foreign reserves . S&P maintained its ratings at “B-/B” with a stable outlook in September .
Eurobond yields have fallen by about 300 basis points since January 2025, according to the government’s 2026 Mid-Year Fiscal Policy Review . Finance Minister Dr Cassiel Ato Forson disclosed in July that since January 2025, the government had paid a total of US$2.1 billion in principal and interest to Eurobond holders without placing undue pressure on foreign exchange reserves .
On the reserves front, Ghana’s gross international reserves fell to just over US1 billion into the market in October from gold export proceeds, with a further US$500 million directed to the Bank of Ghana for reserve accumulation under the Ghana Accelerated National Reserves Accumulation Policy .
Government’s Cautious Stance
The Technical Advisor to the Finance Minister, Dr Theo Achampong, confirmed that calls for a return to international borrowing had been part of the government’s engagements with international banks, but stressed that the government was in no rush. “We want to continue stabilising things for now, build strong international reserves,” he said. “As we speak, there is no motivation to go to the international capital market.”
Achampong said the government’s focus was on improving Ghana’s credit ratings to secure investment-grade status. “When you look at our borrowing needs over the one year, the capital market is not an option,” he added. He had stated earlier at the Fidelity Bank Debt Capital Markets Conference in August that “the Eurobond market for the next few years is out of the equation” .
Finance Minister Forson has consistently maintained that borrowing from international capital markets is outside the government’s financing plans for 2026. Speaking at a joint press conference with a visiting IMF mission, he said: “We are not in a hurry to go onto 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.” He added that the 2026 Budget made no provision for financing from the international capital markets, “effectively taking that option off the table for the year” .
The caution is rooted in recent history. In December 2022, Ghana defaulted on its external debt after a toxic combination of spiralling public debt, rapid depreciation of the cedi, and collapsing investor confidence severed its access to international capital . The country subsequently restructured approximately US3 billion IMF Extended Credit Facility . Ghana formally concluded the ECF programme in May 2026 and transitioned to a 36-month non-financing PCI, which carries no direct financial disbursements but signals policy credibility to markets .
IMF and Local Experts Urge Patience
The IMF has urged Ghana to prioritise rebuilding investor confidence and improving its credit rating before returning to international capital markets. IMF Resident Representative in Ghana Dr Adrian Alter said the immediate priority should be to consolidate the gains from debt restructuring and strengthen domestic financing capacity.
Alter noted that Ghana’s debt position had improved significantly under the IMF-supported programme, with the latest Debt Sustainability Analysis moving the country from a high to a moderate risk of debt distress. Central government debt had declined to about 45% of GDP, a level the Fund had initially projected Ghana would reach only by 2034 . Public debt stood at GH¢720.8 billion (about US$61.5 billion) as of May 2026, equivalent to 45.1% of GDP, according to central bank data.
Under the PCI framework, the IMF has set six key objectives: sustaining growth-friendly fiscal adjustment, safeguarding debt sustainability, strengthening fiscal transparency and governance (particularly for state-owned enterprises), enhancing the monetary and exchange-rate policy framework, reinforcing financial sector stability, and supporting economic diversification and inclusive growth . The Fund has assessed that lowering the primary surplus to 0.5 percent of GDP from 2027 would remain consistent with safeguarding debt sustainability, provided further progress is made in public financial management .
Professor Peter Quartey, Director of the Institute of Statistical, Social and Economic Research (ISSER), has also cautioned against a hasty return, calling for a measured approach to borrowing, particularly through Eurobonds. He warned that excessive reliance on external debt could undermine long-term economic stability, speaking at his inaugural lecture at the Ghana Academy of Arts and Sciences on the theme “Debt, Investment, and Growth in Ghana: Did We Borrow to Consume?”
The government’s stance reflects a deliberate effort to break with a cycle of expensive external commercial borrowing that contributed to the 2022 crisis. Bank of Ghana Governor Dr Johnson Asiama has emphasised that rebuilding net foreign assets must remain the priority heading into the fourth quarter, noting that “the external position determines how much of it can safely be used” . With the PCI in place and gold prices at historic highs, policymakers appear content to let reserves build and ratings improve further before testing international markets again. For now, the message from Accra is that fiscal sobriety will take precedence over the allure of cheaper-than-before, but still costly, Eurobond financing.
