The World Bank has warned Ghana against hastily returning to international capital markets, cautioning that a premature move could undermine the country’s recent financial stability and reverse progress made under its debt restructuring programme.

Robert Taliercio, the World Bank Country Director for Ghana, Liberia, and Sierra Leone, raised these concerns during the launch of the institution’s latest Public Finance Review report, titled "Building the Foundations for a Resilient and Equitable Fiscal Policy." He cautioned that an early return to borrowing could erode investor confidence, reintroduce unsustainable debt burdens, and derail Ghana’s ongoing economic recovery.

“The risk now is falling into complacency with these achievements and returning to a business-as-usual mindset – a recurring error in the past. Ghana has requested a record 17 IMF programs and has been under active IMF supervision for 40 out of its 68 years of independence,” Taliercio remarked.

Ghana recently restructured both domestic and external debts as part of its economic reform programme under the $3 billion IMF Extended Credit Facility (ECF). Despite these gains, Taliercio cautioned against repeating past financial missteps, warning that a rushed return to dollar-denominated borrowing could result in high interest rates and renewed fiscal instability.

Since 2022, Ghana has been shut out of international capital markets due to excessive debt levels, sluggish economic growth, and external imbalances. While the government is eager to regain access, the World Bank emphasizes that a disciplined and well-timed approach will be crucial in ensuring long-term economic stability.