Ghana’s debt servicing obligations will sharply increase from 2027 as bonds from the Domestic Debt Exchange Programme (DDEP) begin to mature. Fitch Ratings projects debt service costs, excluding short-term debt, to rise to 6.8% of Ghana’s Gross Domestic Product (GDP) in 2027. This marks a significant jump from 4.6% of GDP recorded in 2025.
This increase reflects the start of amortization payments on the restructured domestic bonds introduced during Ghana’s debt restructuring. The country's second-largest Eurobond, worth approximately US$2.9 billion, also began amortizing in January 2026. This adds further medium-term pressure on Ghana's repayment schedule.
The projected rise comes as Ghana continues to stabilize its economy following the 2022 financial crisis. The nation embarked on an International Monetary Fund (IMF)-backed recovery programme to restore economic health. The DDEP, launched in late 2022, was a central part of these efforts. It required local bondholders to exchange existing securities for new, longer-dated instruments with lower interest payments. This programme was crucial for Ghana’s negotiations with the IMF and other international creditors.
Fitch Ratings remains confident that Ghana’s debt profile will stay manageable over the medium term. The ratings agency points to improving foreign reserve buffers as a key factor. Ghana’s unencumbered international reserves were an estimated US$12.3 billion by the end of 2025. Stronger fiscal liquidity, observed in central government deposits reaching 2.4% of GDP, also supports this outlook. Recovering investor confidence is another positive sign for the economy.
Analysts suggest Ghana’s improving macroeconomic environment could help soften the impact of the heavier repayment schedule. The Ghana Reference Rate, a key lending indicator, already shows easing conditions. It declined to 10.03% in May 2026 from 14.58% in February. This reflects better monetary conditions within the country. Fitch also suggested that Ghana might selectively buy back portions of the DDEP bonds if market conditions remain favorable. The gradual reopening of the domestic bond market will give authorities more flexibility to strategically refinance obligations. This action could smooth repayment risks over time.
Looking ahead, improving reserves, renewed access to financial markets, and tighter fiscal management will be crucial. These factors are expected to maintain macroeconomic stability. They will also sustain investor confidence in Ghana in the coming years. Decision-makers and markets will closely watch these developments as Ghana navigates its increased debt obligations post-2027.