The Ghana Consulting Engineers Association wants government to reduce its reliance on foreign currency borrowing for infrastructure projects and instead raise more long-term financing through local currency bonds.
According to the association, mobilising domestic capital through cedi-denominated bonds would provide a more stable and predictable funding source for infrastructure development while reducing Ghana’s exposure to exchange rate risks.
Speaking at the FIDIC Africa 2026 Infrastructure Conference in Accra, President of the association, Kwabena Bempong, said Ghana’s heavy dependence on dollar-denominated financing continues to increase repayment pressures whenever the cedi weakens.
“We have often relied on dollar-denominated financing, and that comes with significant risk,” he stated. “Once our currency depreciates, it becomes more difficult to meet repayment obligations.”
He explained that many infrastructure projects in the past were financed through external borrowing facilities, exposing the country to higher debt servicing costs during periods of currency depreciation.
Ing. Bempong therefore urged government to consider more sustainable domestic financing options by issuing long-term local currency bonds specifically designed to support infrastructure projects.
According to him, infrastructure development requires patient capital and cannot be effectively financed with short-term borrowing instruments such as treasury bills.
“We are not talking about short-term instruments like treasury bills,” he explained. “Infrastructure projects take a long time to execute, so what we need are long-term government bonds that can support these projects over an extended period.”
He added that expanding local currency infrastructure financing could help reduce exchange rate vulnerabilities while ensuring more reliable funding for national development projects.
The increasing the use of cedi-denominated infrastructure bonds could also deepen Ghana’s domestic capital market and create additional investment opportunities for pension funds, institutional investors and local asset managers.
The call comes as Ghana continues efforts to balance infrastructure expansion with debt sustainability and fiscal consolidation objectives following recent economic reforms.
