Ghana says Eurobond market 'out of the equation' for the next few years, will prioritise local bonds

On Aug. 28, 2026 Ghana’s finance officials stated the government will not return to the international Eurobond market for the next few years and will instead prioritise domestic-currency borrowing, including plans to develop longer-dated local and infrastructure bonds aimed at pension funds and other institutional investors.

If Ghana keeps external issuance dormant, immediate external supply pressure on restructured Eurobonds may ease, but the funding burden shifts to the domestic cedi curve. That raises absorption, duration and rollover risks for local investors and could crowd out private credit or require higher local yields to attract longer maturities; outcomes depend on issuance volumes, Bank of Ghana liquidity settings and pension-fund demand.

Watch for the government’s announced domestic issuance calendar, and the Sinking Fund reaching its end-2026 target (GHS30bn).