Finance minister engages investors, signals strong recovery path

The Ministry of Finance has held its first investor town hall engagement since 2021, bringing together investors, bankers and bond market Specialists, as government steps up efforts to rebuild confidence in Ghana’s economy and debt market.

In his welcome remarks, Chief Director, Patrick Nomo, described the engagement as an important milestone, expressing optimism that Ghana would not return to a path of debt default. He emphasised the Ministry’s commitment to transparency, policy credibility and sustained engagement with the investor community.

Finance Minister Dr. Cassiel Ato Forson assured participants that the economy is firmly on a recovery trajectory, underpinned by improving macroeconomic fundamentals and disciplined fiscal management.

He pointed to a strong track record since the Domestic Debt Exchange Programme (DDEP), including successive IMF programme reviews with disbursements exceeding US$700 million, a sovereign credit rating upgrade to B- with stable outlook, and the successful servicing of both domestic and external debt obligations, including over US$1.4 billion in Eurobond payments in 2025.

The Minister highlighted that inflation has declined sharply and consistently to 3.3 percent, marking a multi-year low, while growth has rebounded strongly, supported by sustained expansion in the real sector. Fiscal consolidation, he noted, is back on track, with a primary surplus achieved without compromising critical social and infrastructure spending.

Outlining the 2026 macroeconomic framework, Dr. Forson described the targets as “credible and achievable,”. He stressed that revenue performance is increasingly anchored on domestic mobilisation, with non-oil tax revenue accounting for over 80 percent of inflows.

On the debt front, the Minister detailed proactive liability management strategies aimed at addressing refinancing risks, particularly the 2027 and 2028 maturities. Government, he said, is building buffers through the Sinking Fund, setting aside portions of non-oil tax revenue, and implementing debt reprofiling measures to smooth the maturity profile and reduce interest costs.

He further underscored reforms to deepen transparency, including regular publication of issuance calendars and improved communication with market participants, as well as measures to strengthen cash buffers and support orderly domestic bond market operations following the expiration of DDEP-related issuance restrictions.

An interactive session followed the presentations, with participants engaging the Minister and his team on fiscal policy, debt sustainability and market outlook.

Many attendees expressed renewed confidence in the management of the Ghanaian economy and welcomed the government’s commitment to transparency, discipline and sustained engagement.

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