• First investor town hall since 2021 signals renewed engagement with markets

• Authorities highlight disinflation, fiscal consolidation and debt restructuring progress

• Move comes as Ghana seeks to rebuild access to capital markets after default

Ghana’s Ministry of Finance held an investor town hall on March 26, 2026, its first since 2021, bringing together bankers, bond market specialists and institutional investors as authorities seek to restore confidence following the country’s 2022 debt default and subsequent restructuring under an IMF-supported programme.

The engagement marks the resumption of structured investor outreach that had been suspended during the crisis period and the Domestic Debt Exchange Programme (DDEP), which restructured domestic bond holdings as part of Ghana’s broader debt stabilization strategy.

Chief Director Patrick Nomo described the meeting as part of efforts to strengthen transparency and reinforce policy credibility as the country consolidates its post-crisis recovery.

Prior to the crisis, Ghana regularly conducted investor roadshows between 2018 and 2021 to support Eurobond issuances and maintain access to international capital markets, a practice that had been paused during the restructuring period.

Finance Minister Cassiel Ato Forson said macroeconomic conditions are improving, citing disinflation, fiscal adjustment and debt performance. “The fundamentals are strengthening. Inflation is down to 3.3 percent, growth is rebounding, and fiscal consolidation is firmly back on track, with a primary surplus achieved,” he said.

He added that Ghana has maintained post-restructuring discipline, including compliance with programme benchmarks under the International Monetary Fund Extended Credit Facility (ECF), alongside continued debt servicing and improvements in investor sentiment.

The IMF-supported programme, approved in 2023, is focused on restoring macroeconomic stability, improving debt sustainability and rebuilding external buffers following Ghana’s debt distress episode.

According to the IMF World Economic Outlook October 2025 update, latest available projection baseline, Ghana’s economy is projected to expand by around 4.8% in 2026, reflecting a gradual recovery in domestic demand and stabilization following restructuring.

Recent national data confirm the rebound. According to the Ghana Statistical Service, Ghana recorded about 5.7% GDP growth in 2024, driven mainly by services and agriculture.

Private sector indicators also show strengthening momentum. A joint assessment by KPMG and United Nations Development Programme reported 6.3% growth in Q2 2025, supported by gold exports, credit expansion and improved business conditions.

On prices, disinflation has been sharp. According to data compiled from the Bank of Ghana, inflation slowed to 3.8% in January 2026, marking its lowest level since CPI rebasing and extending a sustained downward trend from the 2022 crisis peak.

Monetary conditions have eased in line with inflation trends. According to the Bank of Ghana, recent policy adjustments in 2025 and early 2026 have supported currency stabilization and reduced-price pressures, contributing to improved market sentiment and exchange rate stability.

Authorities said debt operations remain central to stabilization efforts. Finance Minister said government is building fiscal buffers and managing refinancing risks. “We are proactively managing our debt, building sinking fund buffers, smoothing maturities, and deepening transparency in the domestic bond market,” he said.

The DDEP, implemented in 2023, remains a cornerstone of Ghana’s debt restructuring, aimed at reducing interest costs and extending maturities while supporting IMF programme targets. The government is also prioritizing domestic revenue mobilization and expenditure control as part of its 2026 fiscal framework.

The renewed investor engagement comes as Ghana attempts to rebuild access to international capital markets after losing market access following the debt crisis.

While macroeconomic indicators show improvement, risks remain. According to the Bank of Ghana, external shocks, including commodity price volatility and global financial tightening, continue to pose risks to inflation and financing conditions, reinforcing the need for sustained policy discipline.

Participants at the town hall welcomed the engagement, with discussions focusing on macroeconomic stabilization, debt strategy and Ghana’s medium-term financing outlook.

By Cynthia Ebot Takang