Ghana is expected to face a notable increase in debt servicing obligations from 2027, as repayments on restructured Domestic Debt Exchange Programme (DDEP) bonds begin to mature, according to Fitch Ratings.
The rating agency projects that total debt service costs—excluding short-term debt—will climb to 6.8% of GDP in 2027, up from 4.6% in 2025. The increase will be largely driven by the commencement of amortisation payments on the DDEP bonds, which were part of government’s debt restructuring programme.
The development comes on the heels of Ghana’s $2.9 billion Eurobond issuance, which began amortising in January 2026, adding to the country’s medium-term repayment commitments.
Despite the projected rise in obligations, Fitch Ratings maintains that Ghana’s debt profile remains broadly manageable. This assessment is supported by improving external buffers, including estimated unencumbered international reserves of $12.3 billion at the end of 2025 and central government deposits equivalent to 2.4% of GDP.
The agency further notes that continued reserve accumulation, possible buybacks of DDEP bonds, and a gradual return to active domestic bond market operations could provide government with flexibility to manage refinancing risks.
While the outlook points to tighter fiscal pressure ahead, Fitch suggests that stronger liquidity conditions and improved market access may help cushion the impact and support investor confidence over the medium term.
