The Government of Ghana has announced plans to raise GH¢75.7 billion from the domestic market between October and December 2025, in a move aimed at meeting public financing needs and refinancing maturing debts.
According to the latest issuance calendar released by the Bank of Ghana (BoG), about GH¢67.5 billion of this amount will be used to roll over existing maturities, while the remaining GH¢8.2 billion represents fresh borrowing to support government expenditure and fiscal operations in the final quarter of the year.
Breakdown of the Borrowing Plan
The Central Bank indicated that the funds will be raised through the issuance of short-term Treasury instruments, including:
• 91-day bills
• 182-day bills
• 364-day bills
There are also plans for reopenings of existing bonds under the Domestic Debt Exchange Programme (DDEP), depending on market conditions and investor appetite.
This structured borrowing approach, the BoG noted, forms part of the government’s broader debt management strategy, which seeks to:
• Deepen the domestic capital market,
• Lengthen the country’s debt maturity profile, and
• Promote transparency in public borrowing operations.
Balancing Fiscal Needs and Market Stability
The move reflects the government’s continued reliance on the domestic debt market following the restructuring of external debt under the DDEP. Analysts suggest that while domestic borrowing provides flexibility and reduces foreign exchange risks, it could also exert pressure on local interest rates if not carefully managed.
Fiscal experts believe that the government’s ability to raise funds locally will depend largely on market confidence, liquidity levels, and inflation trends heading into the last quarter of 2025.
The Bank of Ghana has reiterated its commitment to work closely with the Ministry of Finance to ensure that all borrowing operations align with the Medium-Term Debt Management Strategy (MTDS) and support macroeconomic stability.
What This Means for Investors
For local investors and financial institutions, the new issuance calendar presents opportunities to diversify investment portfolios through government securities — typically seen as low-risk instruments.
However, it also calls for close monitoring of interest rate movements and monetary policy signals, especially as the central bank continues its efforts to control inflation and stabilize the cedi.
Ghana’s GH¢75.7 billion domestic borrowing plan underlines the government’s strategy to balance fiscal needs with prudent debt management. As the year closes, attention will be on how effectively the government can execute this borrowing plan without disrupting market stability — and how it positions the economy for 2026 and beyond.
