Ghana Plans GH¢75.7 Billion Domestic Borrowing in Q4 to Refinance Debt and Support Fiscal Needs
The Government of Ghana aims to raise GH¢75.7 billion from the domestic market between October and December 2025 to refinance maturing debts and meet public sector financing requirements, according to the Bank of Ghana’s latest issuance calendar. Of this, GH¢67.5 billion will roll over existing obligations, with GH¢8.2 billion allocated as fresh borrowing to fund government operations in the fourth quarter.
The borrowing will primarily involve 91-day, 182-day, and 364-day Treasury bills, supplemented by potential reopenings of bonds under the Domestic Debt Exchange Programme (DDEP), contingent on market conditions.
The strategy reflects efforts to deepen the domestic capital market, extend debt maturities, and enhance transparency, as outlined by the Ministry of Finance. “This approach ensures fiscal stability while managing borrowing costs,” a Bank of Ghana official noted, amid Ghana’s constrained access to international markets under its IMF program.
In 2025, domestic borrowing is projected to reach GH¢200 billion, a reduction from GH¢220 billion in 2024, driven by a 28% rise in revenue to GH¢150 billion in the first nine months and external inflows like the IMF’s $720 million ECF tranche and World Bank’s $600 million DPO. Finance Minister Dr. Cassiel Ato Forson, set to present the 2026 budget on November 13, targets 4.4% GDP growth with expenditure at 20.7% of GDP, leaning on domestic revenue to ease external reliance.
Analysts warn of challenges: Databank notes that weekly T-bill averages, down to GH¢3.9 billion from GH¢4.2 billion in 2024, face pressure from 22.5% inflation and a 15% cedi depreciation, with yields at 20-25%.
The IMF’s November 2024 Debt Sustainability Analysis flags Ghana as high-risk but projects moderation by 2028 if reforms hold, eyeing bond market re-entry in Q2 2025.
