Ghana seeks equity, not costly Eurobonds – Ricketts-Hagan
Ghana is prioritising equity investment over debt financing as part of efforts to sustain economic recovery and support long-term growth, Mr George Kweku Ricketts-Hagan, Member of Parliament for Cape Coast South, has said.
He said the strategy was aimed at reducing reliance on high-cost borrowing, including Eurobonds, and attracting capital for productive investment.
Mr Ricketts-Hagan, a member of Parliament’s Finance Committee, stated this in an interview with the Ghana News Agency on the sidelines of the 81st International Monetary Fund (IMF)/World Bank Group Annual Meetings in Bangkok, Thailand.
He said the new approach sought to attract private and domestic capital into businesses and productive sectors capable of creating jobs and expanding economic activity.
“Where we are now, we need to bring investors in from a different perspective – in terms of people bringing capital to do business in Ghana, not people lending Ghana money as debt… I don’t think that we are actually desperate for money,” he said.
Mr Ricketts-Hagan, a former Deputy Minister of Finance, said Ghana remained open to foreign investment but was avoiding excessive borrowing that could increase the country’s debt burden.
He said equity investment offered an alternative source of financing because “equity does not create a repayment burden for the state.”
Mr Ricketts-Hagan attributed recent economic stability partly to the operations of the Ghana Gold Board and favourable commodity prices, which had helped strengthen reserves and support the country’s Sinking Fund.
He noted that Ghana’s experience with high-cost commercial borrowing contributed to its decision to seek a US$3 billion IMF-supported programme after losing access to the Eurobond and other international capital markets.
The three-year Extended Credit Facility ended in May 2026, after which Ghana entered a 36-month non-financing Policy Coordination Instrument programme aimed at consolidating reforms and supporting investor confidence.
“What Ghana now wants is investment that comes in the form of capital for factories, services, agriculture and technology firms, where investors take a stake and share in the risk and returns of doing business,” Mr Ricketts-Hagan said.
He said the investment strategy was also being supported by improved domestic revenue mobilisation.
Mr Ricketts-Hagan, who is Board Chairman of the Ghana Revenue Authority, noted that the Authority exceeded its revenue target for the first nine months of the year despite a shortfall in Value Added Tax collections.
He said recent economic gains had reinforced the importance of maintaining credibility and stability to attract both domestic and foreign investment.
“Whether it is the bond market or the equity market, you need credibility. Nobody will do business with you if you don’t have credibility. Without credibility, the cost of borrowing remains high and private investors remain hesitant,” he said.
Mr Ricketts-Hagan said the government would continue to create conditions that enabled the private sector to access capital, expand operations and contribute to economic growth.
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