Ghana finance minister says debt-service share of revenue has fallen below 20%
On August 22, 2026 Ghana's Finance Minister Cassiel Ato Forson publicly stated that the share of national revenue used to service public debt has fallen below 20%, down from historically much higher levels, marking an announced improvement in fiscal space pending independent reconciliation of the calculation.
The desk brief
On August 22, 2026 Ghana's Finance Minister Cassiel Ato Forson publicly stated that the share of national revenue used to service public debt has fallen below 20%, down from historically much higher levels, marking an announced improvement in fiscal space pending independent reconciliation of the calculation.
If independently verified, a debt-service ratio under 20% of revenue would materially ease near-term fiscal liquidity pressures and reduce immediate rollover/default risk perceived by Ghana’s external creditors, including holders of USD Eurobonds. However, market reaction will depend on the release of reconciled official debt-service figures, creditor confirmations and whether restructuring-related cash-flow changes are recurring.
Publication of a reconciled official debt‑service calculation or IMF/MoFEP verification in the coming weeks.
Sources & verification
Developing storyFurther independent confirmation is required.
- Ghana Now Spends Less Than 20% of Revenue on Debt Servicing – Ato Forson - Ahotor 92.3 FMahotoronline.comSource published (opens in a new tab)
- Ghana Signs Debt Restructuring Agreement with Belgiummofep.gov.gh (opens in a new tab)
Public references supporting this brief.
Price Discovery
Ghana sovereign curve
Latest server-calculated mid yield by maturity. Points are observed Price Discovery levels, not an interpolated valuation curve.
- Ghana 29Jul 202997.0007.438%
- Ghana 30Jan 203088.7507.374%
- Ghana 35Jul 203588.1258.224%
- Ghana 37Jan 203754.6258.460%
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