Ghana rules out Eurobond issuance in 2026 as it shifts to IMF Policy Coordination Instrument

On 16–17 May 2026 Ghana’s finance minister announced the government will not return to the international capital (Eurobond) market in 2026 and that the 2026 budget contains no provision for external commercial borrowing, opting instead to transition to the IMF’s non‑financing Policy Coordination Instrument (PCI).

By removing planned 2026 Eurobond supply, Ghana reduces near‑term competition for dollar‑denominated investor demand in West African sovereign and corporate dollar markets. Financing pressure shifts toward domestic debt markets and budgetary adjustment, which could raise local currency issuance and influence domestic yields; any actual price or spread moves will depend on issuance volume, investor preferences and global US Treasury yield moves.

Government’s medium‑term financing strategy and any announced domestic bond issuance schedule for H2 2026.