2026 Mid-Year Budget: Ghana Overcomes “Original Sin” With First 7-Year Cedi Bond Since 2022 Default – Ato Forson

Finance Minister Dr Cassiel Ato Forson says Ghana has overcome “the original sin” of being unable to borrow long-term in its own currency, with the successful issuance of a 7-year cedi bond in April 2026.

Presenting the 2026 Mid-Year Budget Review to Parliament on Thursday, Dr Forson said the bond marks the return of long-term domestic financing after three years of market restrictions following the 2022 debt default.

“Following the 2022 public debt default, government could not borrow long-term in cedis and relied heavily and solely on treasury bills to finance the budget,” he stated.

The Minister explained that the default triggered a three-year restriction on new cedi bond issuance, leaving Ghana exposed to short-term debt and rollover risks.

“Ghana has now overcome what economists describe as the original sin, which is the inability of a country to borrow over the long term in its own currency. A three-year restriction on new cedi bond issuance introduced as a result of debt default caused this original sin,” Dr Forson said.

He announced that the government successfully raised $2.7 billion in April through its first seven-year cedi-denominated bond since the 2022 debt default.

“This marks an important step in rebuilding the domestic bond market and restoring long-term financing in our own currency. I am proud to announce that Ghana has now overcome the original sin,” he told lawmakers.

Dr Forson said the return to long-term cedi borrowing reduces refinancing risk, eases pressure on treasury bills, and signals renewed investor confidence in the economy and the cedi.

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