{
  "id": 18503599,
  "title": "No Eurobonds until 2030: Inside Ghana's 2027 fiscal strategy and IMF budget demands",
  "url": "https://urgent.news/2026/11/06/no-eurobonds-until-2030-inside-ghanas-2027-fiscal-strategy-and-imf",
  "topic": "world",
  "section": "World",
  "published": "2026-11-06T13:24:46.000Z",
  "source": {
    "name": "3News",
    "slug": "3news",
    "url": "https://3news.com/economy/eurobonds-ruled-out-ghana-fiscal-strategy"
  },
  "original_language": "en",
  "account": "Ghana has decided not to issue Eurobonds from 2027 to 2030, opting to fund its budget domestically and through capped project loans over the next four years. This strategy is outlined in the Ministry of Finance's 2027 Fiscal Strategy Document, released prior to Finance Minister Dr. Cassiel Ato Forson's presentation of the 2027 Budget to Parliament on November 12. The medium-term framework indicates that Eurobonds will not be issued in 2027 or the medium term, with banking and non-banking domestic borrowing serving as the primary financing source through 2030. Ghana's exclusion from the Eurobond market in its 2022 debt crisis and subsequent external debt restructuring has led to this shift in financing priorities. To avert further external refinancing risks, the government is transitioning towards medium- and long-term domestic bonds, including infrastructure bonds, while reducing short-term treasury bills to around 15 percent of domestic debt. A monthly portion of domestic non-oil tax revenue will be allocated to a Sinking Fund, projected at GH¢16 billion in 2026 and GH¢20 billion in 2027, to repay domestic bonds maturing in 2027 and 2028. The ministry anticipates new domestic bonds worth GH¢17 billion in 2026 and GH¢19 billion in 2027, which will be used to pay off bonds due in 2027 and 2028. The majority of foreign funding will be sourced from the World Bank's Development Policy Operation. The IMF has endorsed Ghana's fiscal strategy, with Mission Chief Ruben Atoyan affirming its commitment to the Policy Coordination Instrument (PCI) and emphasizing the importance of prudent monetary policy, enhanced exchange rate flexibility, and a robust sinking fund to maintain financial stability. The Institute for Fiscal Studies (IFS) has cautioned that Ghana's weak revenue collection, attributed to low extractive revenue generation, revenue leakages, and excessive tax exemptions, could hinder the execution of its US$10 billion New Economy agenda.",
  "summary": "Ghana will rely on domestic bonds and capped multilateral project loans through 2030 while targeting a 0.5% primary surplus in next week's budget.",
  "key_points": [
    "Ghana will not issue Eurobonds from 2027 to 2030",
    "Funding will come from domestic borrowing and capped project loans",
    "IMF endorses Ghana's fiscal strategy and monetary policy"
  ],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}