Ghana is expected to face a significant increase in debt servicing expenses from 2027 when repayment of bonds issued under the Domestic Debt Exchange Programme (DDEP) begins.
According to Fitch Ratings, debt servicing obligations excluding short-term liabilities are forecast to climb to 6.8% of GDP in 2027 from 4.6% in 2025.
A major factor behind the projected increase is the commencement of amortisation payments on the restructured DDEP bonds.
This follows the start of repayments in January 2026 on Ghana’s second-largest Eurobond issuance worth approximately $2.9 billion.
Even with the anticipated rise in debt repayments, Fitch Ratings says Ghana’s debt situation remains sustainable over the medium term.
The rating agency attributes this outlook to the country’s improving foreign reserves and stronger fiscal position.
By the close of 2025, Ghana’s unpledged international reserves were estimated at $12.3 billion, while central government deposits accounted for 2.4% of GDP.
“The second largest Eurobond (USD2.9 billion) issued in 2024 started amortising in January 2026 and DDEP bonds will start amortising in 2027, contributing to debt service costs (excluding short-term debt) rising to 6.8% of GDP in 2027, from 4.6% in 2025.”
Fitch Ratings also expects Ghana’s reserve levels to improve further, strengthening the country’s capacity to meet upcoming debt obligations.
Reports further suggest the government may consider repurchasing some of the DDEP bonds ahead of their maturity dates.
The agency noted that the gradual recovery of the domestic bond market could provide authorities with greater flexibility to refinance debt and ease repayment risks over time.
Overall, the outlook indicates that although debt servicing costs are likely to increase from 2027, stronger reserves, improved liquidity and renewed access to the market may help soften the pressure and maintain investor confidence.