Finance Minister Dr Cassiel Ato Forson says Ghana has made significant progress in restoring confidence in its economy, declaring that the country has moved "from default to credibility" as its debt restructuring programme nears completion.

Delivering the 2026 Mid-Year Fiscal Policy Review in Parliament on Thursday, Dr Forson said although more work remains to be done, the government's fiscal reforms have placed the country on a firm path towards long-term debt sustainability.

"Mr Speaker, the work is not finished, and the PFM debt rule requires continuous vigilance, but the direction is right, the momentum is real, and the foundation is solid," he told Parliament.

The Finance Minister said Ghana's debt restructuring process, which began after the country's sovereign debt default in 2022, is now in its final stages.

"Ghana's sustainable debt restructuring, initiated after the sovereign debt default of 2022, is now at its final stage. In just 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. This is an achievement every Ghanaian can be proud of," he said.

Dr Forson recalled that following the 2022 debt default, the government lost access to long-term borrowing in the domestic market and had to depend almost entirely on Treasury bills to finance its budget.

"Following the 2022 public debt default, the government could not borrow long-term in cedis and relied heavily and solely on Treasury bills to finance the budget," he said.

According to him, Ghana has now overcome what economists describe as the country's "original sin", the inability to borrow over the long term in its own currency.

"Ghana has now overcome what economists describe as the original sin, which is the inability of a country to borrow over the long term in its own currency," he stated, explaining that the three-year restriction on issuing new cedi-denominated bonds following the debt default had contributed to that challenge.

The Finance Minister announced that in April 2026, Ghana successfully returned to the domestic bond market by raising GH¢2.7 billion through its first seven-year cedi-denominated bond since the 2022 debt default.

"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. This further demonstrates that Ghana has regained the ability to mobilise long-term financing in its own currency for development," he said.

Dr Forson described the development as a major milestone in the country's economic recovery.

"Right Honourable Speaker, I'm proud to announce that Ghana has now overcome the original sin. Mr Speaker, we have overcome the original sin," he declared.

He added that although Ghana's debt restructuring is nearing completion, the government remains committed to prudent debt management to safeguard future generations and ensure long-term fiscal sustainability.

"While Ghana's debt restructuring is nearly complete, prudent debt management requires us to look beyond today to tomorrow's obligations," he said.