‘Ghana has overcome the original sin’ - Ato Forson

Ghana’s Finance Minister, Dr Cassiel Ato Forson, has declared that the country has “overcome the original sin” following the successful issuance of its first seven‑year cedi‑denominated bond since the 2022 debt restructuring.

He described the development as a major milestone in restoring confidence in the domestic debt market.

In economics, original sin refers to the inability of many emerging and developing economies to borrow long term in their own currency, forcing reliance on foreign‑currency debt and exposing them to exchange rate risks.

Presenting the 2026 Mid-Year Budget Review in Parliament on Thursday, July 23, 2026, Dr Forson said Ghana’s ability to raise long‑term financing in its own currency demonstrates a significant turnaround in the country’s fiscal and financial position.

“Mr. Speaker, in April 2026, Ghana successfully raised GH¢2.7 billion 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,” he affirmed.

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“This further demonstrates that Ghana has regained the ability to mobilise long‑term financing in its own currency for development. Right Honourable Speaker, I am proud to announce that Ghana has now overcome the original sin,” he added.

Dr Forson said the successful bond issuance signals renewed investor confidence in Ghana’s economy following the debt restructuring programme.

He stressed that rebuilding the domestic bond market is critical to providing sustainable, long‑term financing for infrastructure and other development priorities, while reducing dependence on external borrowing.

The announcement marks another milestone in Ghana’s post‑debt restructuring recovery, with government positioning the return of long‑term cedi financing as evidence of improving macroeconomic stability and growing confidence in the country’s economic management.



ANAS/SA