Ghana's ₵10 Billion Infrastructure Bond to Fund Roads Without New Debt

A bold financial move to rebuild Ghana's roads—without borrowing. With inflation plummeting and investor trust rising, can this bond reshape the nation's future?

, and Administrator

2026 March 10 . 4:02 PM

1 min read

The image shows a tollbooth with vehicles on the road, a bridge with pillars and railings, electric... — The image shows a tollbooth with vehicles on the road, a bridge with pillars and railings, electric poles with wires, trees, and a sky with clouds in the background. There is also a car driving down the street next to the bridge.

Ghana's ₵10 Billion Infrastructure Bond to Fund Roads Without New Debt

Ghana is set to launch its first domestic infrastructure bond, aiming to raise ₵10 billion ($935 million) for road projects and interchanges. The move comes as the country recovers from a debt crisis, with improved economic conditions and falling inflation.

The bond sale will be split into two parts, each worth ₵5 billion, issued in the first and second halves of 2024. These bonds will have longer maturity periods, and the funds raised will support President John Mahama's Big Push initiative. This programme seeks to mobilise $10 billion for major infrastructure upgrades across the country.

The 2026 budget has allocated ₵30 billion for the initiative—more than double last year's ₵13.8 billion. Unlike past borrowing, these projects will be self-financed, primarily through electronic road tolls, avoiding any increase in national debt.

Ghana's economic recovery has strengthened investor confidence. Yields on the country's cedi bonds due in 2039 have dropped by over 10 percentage points in the past year, now sitting at around 16%. Inflation has also fallen sharply, reaching a 23-year low of 5.4% in December, down from nearly 54% in 2023.

The government is on track to exit its $3 billion IMF bailout programme in May. Further details of the bond offering will be released in an issuance calendar later this month.

The bond sale marks a shift toward domestic financing for Ghana's infrastructure needs. With inflation under control and investor sentiment improving, the government aims to fund key projects without adding to its debt load. The success of this sale could set a precedent for future self-financed developments.