Ghana Faces GH¢111bn Domestic Debt Repayment Over Next Two Years — Ato Forson
Finance Minister Dr. Cassiel Ato Forson outlines a GH¢30bn Sinking Fund target to meet GH¢111bn in DDEP debt maturities in 2027 and 2028.
- Ghana must settle GH¢111 billion in DDEP-related domestic debt maturities across 2027 (GH¢58bn) and 2028 (GH¢53bn).
- 7% of non-oil tax revenue plus domestic bond proceeds are being funneled into the Sinking Fund.
- Sinking Fund balance stands at GH¢15.6 billion as of July 22, targeting GH¢30 billion by year-end 2026 to settle February 2027 obligations.
Finance Minister Dr. Cassiel Ato Forson has revealed that Ghana is confronted with GH¢111 billion in domestic debt obligations maturing over the next two years, labeling the impending maturities the country’s “true Agenda 111.”
Delivering the 2026 Mid-Year Fiscal Policy Review in Parliament on Thursday, Dr. Forson explained that while the country’s broader debt restructuring is nearly complete, the terms of the Domestic Debt Exchange Programme (DDEP) created substantial near-term debt walls. Specifically, GH¢58 billion in DDEP bonds mature in 2027, followed by an additional GH¢53 billion in 2028.
“Because the Domestic Debt Exchange Programme was not designed to solve Ghana’s debt problems. It was designed to postpone it deliberately, knowingly, and cynically,” Dr. Forson stated. “They had a duty to fix the roof. Instead, they moved the leak to another room and declared the house repaired.”
Sinking Fund Strategy for Maturing Obligations
To manage the upcoming maturities without emergency measures, the government is expanding the Sinking Fund under its 2026–2029 Medium-Term Debt Management Strategy. Under this framework, 7% of non-oil tax revenue, alongside proceeds from domestic bond issuances, is directed into the fund to build a buffer for the 2027 and 2028 repayments.
Dr. Forson reported that as of July 22, 2026, the Sinking Fund had accumulated GH¢15.6 billion and is projected to reach GH¢30 billion by the end of 2026—an amount structured to cover the first major DDEP debt tranche due in February 2027.
The Finance Minister emphasized that accumulating these reserves in advance aims to minimize refinancing risks, bolster credit ratings, and maintain market stability.
