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.
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.
Reasons for the push
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 investments in the US market. Such a yield would, however, represent a borrowing cost for Ghana.
Another investor told Joy Business 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.
Addressing investors at one of the meetings, Bank of Ghana Governor Dr Johnson Asiama said the central bank would continue taking the necessary monetary policy measures to support currency stability and keep inflation low, despite external threats.
Government’s response
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.
Speaking on PM Express Business Edition in Bangkok, he stressed that the government was in no rush to return to the international capital markets.
“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.”
Dr 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.
Finance Minister Dr Cassiel Ato Forson has also 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 during the latest review of the Extended Credit Facility programme, he said any decision to return would be communicated to Ghanaians.
“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 said.
The minister 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.
IMF urges Ghana to rebuild investor confidence
The IMF has urged Ghana to prioritise rebuilding investor confidence and improving its credit rating before returning to international capital markets.
Speaking on Channel One TV, the 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.
He said 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.
According to Dr Alter, central government debt had declined to about 45% of gross domestic product, a level the Fund had initially projected Ghana would reach only by 2034.
Professor Quartey cautions against a hasty return
The Director of the Institute of Statistical, Social and Economic Research (ISSER), Professor Peter Quartey, has also cautioned the government against a hasty return to international capital markets following Ghana’s debt restructuring.
He called for a measured approach to borrowing, particularly through Eurobonds, warning that excessive reliance on external debt could undermine long-term economic stability.
Professor Quartey made the remarks during 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?”