2026 Mid-Year Budget Review: Ghana has now overcome the 'original sin' - Ato Forson

Finance Minister Dr Cassiel Ato Forson has said Ghana has overcome what economists describe as the “original sin” following the country’s successful return to the domestic bond market after the 2022 debt default.

According to him, Ghana’s external debt restructuring process, which was initiated after the sovereign debt default, is now at its final stage, marking a significant turnaround in the country’s economic situation.

Presenting the 2026 Mid-Year Budget Review in Parliament on Thursday, July 23, 2026, Dr Ato Forson said Ghana had moved from debt default to renewed credibility within three and a half years.

“Ghana has moved from default to credibility, from debt distress to debt sustainability, from market exclusion to renewed investor confidence,” he stated.

He described the development as an achievement every Ghanaian could be proud of, adding that the country had regained confidence in the eyes of investors.

Dr Ato Forson explained that following the 2022 public debt default, the government lost access to long-term borrowing and had to rely heavily on Treasury bills to finance the national budget.

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“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 said.

The Finance Minister said the situation resulted in what economists refer to as the “original sin” the inability of a country to borrow over the long term in its own currency.

"Mr Speaker, Ghana has now overcome what the economists describe as the original sin, which is the inability of a country to borrow over the long term in its own currency", Dr Ato Forson noted.

He noted that a three-year restriction on new cedi bond issuances introduced after the debt default contributed to this challenge.

However, he said Ghana had successfully broken that cycle after raising $2.7 billion through its first seven-year cedi-denominated bond since the default in April 2026.

“This marks an important step in rebuilding the domestic bond market and restoring long-term financing in our own currency,” Dr Ato Forson stated.

He added that the successful bond issuance demonstrated that Ghana had regained the ability to mobilise long-term financing in its local currency.

The Finance Minister said the development reflects progress in the country’s economic recovery efforts and signals improved confidence in Ghana’s financial markets.

Dr Ato Forson is presenting the 2026 Mid-Year Budget Review to Parliament, a statutory update that assesses economic performance, government revenue and expenditure, debt servicing and the fiscal outlook for the remainder of 2026.

JKB/VPO

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