BTA Admin 
International investors are pushing Ghana to return to global capital markets to raise money through Eurobonds and syndicated loans, but the government insists it has no immediate plans to resume international borrowing.
The discussions took place during investor engagements at the IMF and World Bank meetings in Bangkok, Thailand, where some fund managers pointed to Ghana’s improving economic conditions, stronger international reserves and credit rating upgrades as reasons to reconsider investing in the country.
However, government officials say Ghana’s priority is to consolidate its economic recovery, rebuild investor confidence and improve its credit ratings before considering a return to international capital markets.
The government has also made clear that international capital market borrowing is not part of its financing plans for 2026.
Why investors want Ghana back on the borrowing market
Some offshore investors believe Ghana is becoming a more attractive destination for investment following improvements in economic stability and the Bank of Ghana’s efforts to build international reserves.
Investors have also pointed to Ghana’s plan to pursue a non-financing Policy Coordination Instrument (PCI) with the International Monetary Fund (IMF), which they believe could help maintain 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 higher returns than those available in the United States.
Views expressed during the engagements suggested that a Ghanaian Eurobond could offer an average yield of around 8%, compared with returns of about 5% or lower on some US investments.
However, the higher yield would represent a borrowing cost for Ghana. The government would need to weigh the potential benefits of raising funds against the cost of servicing the debt and the risk of future financial pressure.
Ghana’s previous debt default and restructuring also remain important considerations for investors assessing the country’s ability to repay future borrowing.
Government says there is no rush to borrow
Dr Theo Achampong, Technical Adviser to the Finance Minister, confirmed that international banks and investors had raised the possibility of Ghana returning to the global capital markets.
Speaking on PM Express Business Edition in Bangkok, he said the government was not in a hurry to borrow internationally.
“We want to continue stabilising things for now, build strong international reserves,” he said.
He added: “As we speak, there is no motivation to go to the international capital market.”
Dr Achampong said the government wanted to improve Ghana’s credit ratings and work towards achieving investment-grade status, which could help the country secure more favourable borrowing terms in the future.
He also said international capital markets were not an option for meeting the government’s borrowing needs over the coming year.
Finance Minister Dr Cassiel Ato Forson has similarly stated that the 2026 Budget does not provide for financing through international capital markets.
“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 at a joint press conference with an IMF mission.
The position signals that, despite investor interest, Ghana intends to avoid rushing into new international borrowing while it continues to stabilise its finances.
IMF says Ghana must rebuild investor confidence
The IMF has also urged Ghana to focus on restoring investor confidence and strengthening its credit rating before returning to international capital markets.
The Fund’s Resident Representative in Ghana, Dr Adrian Alter, said the country should consolidate the gains made through debt restructuring and strengthen its capacity to finance itself domestically.
He noted that Ghana’s latest Debt Sustainability Analysis had moved the country from a high to a moderate risk of debt distress.
Dr Alter also said central government debt had declined to approximately 45% of gross domestic product (GDP), a level the IMF had initially projected Ghana would reach only by 2034.
These improvements could help Ghana regain access to international financing on better terms. However, the government still needs to demonstrate that its debt position can remain sustainable over the long term.
Economist warns against repeating past borrowing mistakes
Professor Peter Quartey, Director of the Institute of Statistical, Social and Economic Research (ISSER), has also cautioned against a rushed return to international capital markets.
Speaking during his inaugural lecture at the Ghana Academy of Arts and Sciences, titled “Debt, Investment, and Growth in Ghana: Did We Borrow to Consume?”, he called for a measured approach to borrowing, particularly through Eurobonds.
His warning reflects concerns that excessive external borrowing could undermine the economic stability Ghana is trying to rebuild after its debt crisis.
For Ghana, the key question is not simply whether investors are willing to lend again, but whether new borrowing would finance productive investments capable of generating enough economic returns to justify the cost.
Ghana faces a choice between fresh borrowing and financial stability
The renewed investor interest presents Ghana with a potential opportunity to raise funds for development. But access to international markets does not automatically mean borrowing would be affordable or appropriate.
A return to the market could provide financing options if the country needs them in the future. At the same time, borrowing at high interest rates could increase debt-servicing obligations and place renewed pressure on public finances.
For now, the government says it wants to strengthen reserves, improve its credit ratings and protect the gains made through economic stabilisation and debt restructuring.
