The calls emerged during investor engagements held on the sidelines of the IMF and World Bank meetings in Bangkok, Thailand, where Joy Business participated in discussions with global financial institutions and investors.
The possibility of Ghana issuing bonds or securing syndicated loans also featured prominently during private meetings organised by international banks, with some investors expressing interest in providing financing to the country.
Improving Economic Conditions Attract Investors
Investors believe Ghana’s improving macroeconomic conditions and the Bank of Ghana’s efforts to build international reserves could strengthen the country’s appeal as an investment destination.
Some have also welcomed the government’s decision to pursue a non-financing Policy Coordination Instrument (PCI) programme with the International Monetary Fund (IMF), which they believe could help maintain fiscal discipline and preserve recent economic gains.
One fund manager told Joy Business that Ghana’s participation in the PCI programme could help prevent a reversal of the progress made in stabilising the economy.
Investors are also looking to diversify their portfolios and earn higher returns than those available in the United States.
Discussions during the engagements suggested that a Ghanaian Eurobond could attract an average yield of about eight per cent, compared with returns of approximately five per cent or lower on some US investments. However, such yields would translate into borrowing costs for Ghana.
Despite concerns arising from the country’s previous debt default, some investors believe the safeguards associated with the proposed IMF programme could help reduce the risk of another default.
Meanwhile, the Governor of the Bank of Ghana, Dr Johnson Asiama, assured investors that the central bank would continue implementing appropriate monetary policies to maintain currency stability and contain inflation despite external economic pressures.
Government Rules Out Immediate Return
The Technical Advisor to the Finance Minister, Dr Theo Achampong, confirmed that international banks had raised the possibility of Ghana returning to the global capital markets during engagements with government officials.
However, speaking on PM Express Business Edition in Bangkok, he stressed that the government was not prepared to rush into fresh international borrowing.
He explained that the immediate priority was to consolidate economic stability and strengthen the country’s international reserves before considering additional financing options.
Dr Achampong added that the government was focused on improving Ghana’s credit ratings and eventually securing investment-grade status to reduce borrowing costs.
He further indicated that international capital markets were not being considered as a source of financing for the government’s borrowing requirements over the coming year.
Finance Minister Dr Cassiel Ato Forson has similarly ruled out a return to international capital markets as part of the government’s financing plans for 2026.
Speaking at a joint press conference with an IMF mission during the latest review of Ghana’s Extended Credit Facility programme, the minister said the government would inform the public if circumstances required a reconsideration of its position.
He noted that the 2026 Budget contained no provision for financing through international capital markets, effectively excluding that option from the government’s plans for the year.
IMF Calls for Stronger Investor Confidence
The International Monetary Fund has advised Ghana to focus on restoring investor confidence and improving its credit rating before considering a return to international capital markets.
The IMF Resident Representative in Ghana, Dr Adrian Alter, said the country should prioritise consolidating the benefits of its debt restructuring and strengthening its capacity to mobilise funds domestically.
Speaking on Channel One TV, he noted that Ghana’s debt position had improved considerably under the IMF-supported programme.
According to him, the latest Debt Sustainability Analysis had downgraded Ghana’s risk of debt distress from high to moderate.
Dr Alter also indicated that central government debt had fallen to approximately 45 per cent of gross domestic product (GDP), a milestone the IMF had initially projected would not be reached until 2034.
Economist Warns Against Rushed Borrowing
The Director of the Institute of Statistical, Social and Economic Research (ISSER), Professor Peter Quartey, has also cautioned against a premature return to international capital markets following Ghana’s debt restructuring.
He called for a cautious and sustainable approach to borrowing, particularly through Eurobond issuance, warning that excessive dependence on external debt could threaten the country’s long-term economic stability.
Professor Quartey made the remarks during his inaugural lecture at the Ghana Academy of Arts and Sciences, delivered on the theme, “Debt, Investment, and Growth in Ghana: Did We Borrow to Consume?”
His warning adds to calls for Ghana to strengthen its economic fundamentals and ensure that any future borrowing supports productive investment and sustainable growth rather than creating another cycle of debt distress.
