The government plans to raise GH¢15.38 billion in Ghana domestic financing between October and December 2026, while preparing liability management operations involving bonds issued under the Domestic Debt Exchange Programme that mature next year.
The target is contained in government’s fourth quarter securities issuance calendar and reflects projected domestic debt maturities as well as the remaining financing requirement under the 2026 Mid Year Fiscal Policy Review framework.
Importantly, the GH¢15.38 billion represents net financing rather than the total value of securities government expects to issue during the quarter.
Treasury Bills to Remain Key Funding Source
Government intends to raise funds through short term Treasury bills and medium to long term securities, depending on market conditions.
The 91 day, 182 day and 364 day Treasury bills will continue to be issued through weekly primary market auctions.
Medium and long term instruments are also expected to be issued as government seeks to establish benchmark securities across the yield curve and deepen activity in the domestic capital market.
The issuance calendar is intended to give investors greater visibility over government borrowing and allow market participants to plan their investments.
DDEP Bond Buybacks Planned
The calendar also confirms that government intends to carry out buybacks involving DDEP bonds scheduled to mature in 2027.
It does not, however, disclose how much of the financing programme will be committed specifically to those transactions.
The planned liability management operations have made the full operationalisation of the sinking fund necessary, according to government.
The fund is expected to support the management of future debt maturities and reduce pressure when large obligations fall due.
“Government reaffirms its commitment to promoting transparency, predictability, market development and investor confidence in the domestic capital market,” the calendar stated.
The government said it would continue working towards an efficient and credible domestic securities market while managing its financing requirements and upcoming debt obligations.
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