Ghana will not return to the international capital market this year, Finance Minister Cassiel Ato Forson has said, following the country’s exit from its three-year Extended Credit Facility programme with the International Monetary Fund (IMF).

While Ghana will still maintain close ties with the global lender, Dr Forson indicated that the government has no immediate plans to seek another bailout arrangement or raise fresh Eurobond debt from the international market.

Instead, the government plans to adopt what it describes as 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.

At a joint press conference with the IMF mission in Accra, Dr Forson stressed that the John Dramani Mahama administration is prioritising fiscal stability over aggressive external borrowing despite improving investor sentiment towards Ghana.

“We are not in a hurry to go to 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 this year.”

Dr Forson, however, left the door open for a possible return to the market in the medium term, insisting that future decisions would depend on financing conditions and government priorities.

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, which eventually forced the country into debt restructuring negotiations with both domestic and external creditors.

“In the medium term, it will depend on what the government seeks to do, so I can assure you that we are not in a hurry to go back to the international capital markets.”

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 will continue to monitor and assess macroeconomic reforms without disbursing financial support.

For his part, IMF Mission Chief to Ghana, Ruben Atoyan, maintained that any decision on whether Ghana returns to the international capital market ultimately rests with the government.

“In terms of access to the capital market, it is a sovereign decision for Ghana.”

Earlier, a report by JoyBusiness suggested that a team from the IMF was expected to conclude the final review of Ghana’s Extended Credit Facility programme on Friday, May 15.

The Accra-based media house indicated that, according to sources familiar with the engagement, the team under the leadership of Ruben Atoyan had been in Ghana since April 29 for a two-week sixth review mission.

According to JoyBusiness checks, the IMF-Ghana engagements were on track, with discussions progressing well despite the country’s recent worsening energy sector and fiscal pressures highlighted in the Central Bank’s annual audit report.

While the IMF appeared satisfied with measures taken by the government regarding state-owned banks, it reportedly raised concerns about a particular private commercial bank, an issue that is yet to be resolved.

It is not yet clear whether the mission will set prior actions for the government before the team leaves to prepare its report for board consideration in August this year.

Last year, the Ministry of Finance officially informed the public that the Government of Ghana had successfully effected a payment of US$349,523,674.56 in respect of Eurobond debt service obligations on Wednesday, July 3.

Since the conclusion of Ghana’s Eurobond debt restructuring in October 2024, the government of Ghana has cumulatively serviced US$1,174.64 million in Eurobond debt payments.

In October 2024, the government made an initial payment of US$475.60 million, covering obligations due under the restructuring agreement, including the first post-restructuring debt service.

This was followed by a US$349.52 million payment in January 2025. Now, in July 2025, a further US$349.52 million has been paid.

This brings Ghana fully up to date on all scheduled Eurobond debt service obligations for 2025. Looking ahead to 2026, a total debt service of US$1,409.06 million is scheduled.

This timely payment reaffirms Ghana’s commitment to macroeconomic stability, prudent debt management, and constructive engagement with external creditors.

It is also expected to positively influence Ghana’s credit ratings trajectory in the months ahead, as it demonstrates continued discipline in debt servicing post-restructuring.

Additionally, it is likely to boost investor confidence in Ghana’s sovereign credit profile and economic recovery programme, while supporting foreign exchange market stability, given that the payment has been incorporated into the Bank of Ghana’s reserves and liquidity management strategy.

With 98% participation from bondholders, Ghana was able to restructure $13 billion in Eurobond debt, paving the way for the continuation of payments last year. Regular coupon payments commenced in January 2025. The Finance Minister at the time (2024), Dr. Mohammed Amin Adam, announced the creation of a Sinking Fund to alleviate the fiscal pressure of the repayments.

Meanwhile, the government of Ghana has brought to an end the series of engagements with China geared towards enhancing the debt restructuring efforts.

Minister for Finance, Dr Cassiel Ato Forson, who described the meetings as helpful and a big step forward in solving the country’s debt problems, revealed this information in a post on social media on Tuesday, July 1.

According to him, these talks are part of the government’s efforts to fix the economy, reduce the country’s debt burden, and ensure that the lives of ordinary Ghanaians are protected.

Dr. Forson added that the progress made in China puts Ghana in a stronger position to complete this difficult process and build a more stable and inclusive economy.

In April this year, the sector minister announced Ghana's preparedness to conclude bilateral agreements for the restructuring of its $5.1 billion official bilateral debt by June, a goal that Finance Minister Dr. Cassiel Ato Forson had described as “ambitious.”

This followed the signing of a Memorandum of Understanding (MoU) with the Official Creditor Committee (OCC) on January 28.