Ghana is set to face a significant maturity wall in 2027 and 2028, with GH¢111 billion of restructured domestic bonds falling due. This amount comprises GH¢58 billion in 2027 and GH¢53 billion in 2028, which were part of the 2022/23 Domestic Debt Exchange. These bonds were accepted by banks, pension funds, and other investors, and their principal amounts are repayable at once, rather than being amortized over time.
According to Charles Adu Boahen, Ghana's debt maturity profile over the next 10 years shows that after 2028, annual debt maturities will range from GH¢4.9 billion to GH¢9.3 billion a year. This means that the GH¢50 billion-plus maturing in 2027 and 2028 is roughly six times the obligation of the largest later year and more than ten times the smallest. The problem, therefore, is not the size of Ghana's domestic debt, but its shape, with 2027/28 presenting a huge wall to climb.
This is a refinancing problem, not a repayment problem, as an obligation of this size is not settled out of tax revenue but refinanced, which is standard sovereign practice. The government has begun accumulating a Sinking Fund, which held GH¢15.6 billion as of July 22, 2026. The government claims it's on track to set aside GH¢30 billion by year-end, which should cover the February 2027 bullet payment.
However, refinancing requires a functioning fixed income market to refinance into, and Ghana does not yet have one. Turnover has recovered to pre-crisis levels, yet outright trading in government bonds has fallen from around 90% of secondary market volume before the DDEP to under 10% today. The April 2026 seven-year issue raised GH¢2.7 billion against GH¢3.1 billion of bids, but this is not evidence that the program can be scaled tenfold.
Ghana exited its IMF program successfully in July 2026, and on virtually every macroeconomic measure, the country is in its strongest position for a decade. Inflation has fallen from a peak above 50% to around 5%, and the policy rate has come down by 1,300 basis points since January 2025. The cedi was the world's best-performing currency in 2025, and the debt-to-GDP ratio has reached its 45% statutory anchor years ahead of schedule.
The bond market has not reopened, with only the bill market showing signs of life. Headline GFIM turnover has recovered to pre-DDEP levels, but Treasury bills and sell/buy-back collateral trades account for roughly 90% of volume. Outright dealing in government notes and bonds has fallen from around 90% of turnover before the exchange to under 10% today.
The 2022 debt exchange raised total cash obligations rather than lowering them, with total coupon-and-principal payments rising from GH¢223.8 billion to GH¢266.5 billion. The weighted average coupon fell from 18.03% to 15.1%, but weighted average maturity did not lengthen; it remained at six years on both measures. Essentially, the exchange postponed the problem; it did not solve it.
Key points
- Ghana must repay GH¢111 billion of restructured domestic bonds in 2027 and 2028.
- The country's debt maturity profile shows a significant wall to climb in 2027/28.
- A functioning bond market is necessary to refinance the debt.
