Government is set to raise GH¢15.231 billion from the domestic market between March and June 2026 through a mix of treasury bills and bonds, as it moves to finance its budget and manage existing debt obligations in a more structured and predictable manner.
According to an issuance calendar released by the Bank of Ghana, the borrowing will be executed via weekly auctions of 91-day, 182-day, and 364-day treasury bills, alongside a renewed push into medium- to long-term bonds following the expiry of restrictions under the Domestic Debt Exchange Programme.
The short-term instruments will be issued through the primary auction system, with settlement occurring one working day after each transaction, while bond settlements will take place within two working days.
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Officials say the funds will support implementation of the 2026 Budget and facilitate the rollover of maturing obligations—an essential component of Ghana’s post-restructuring debt management framework.
Beyond immediate financing needs, the issuance programme signals a deliberate shift in strategy, with authorities aiming to reduce reliance on short-term treasury bills and deepen the market for medium- to long-term bonds.
By extending the maturity profile of public debt, the government seeks to ease refinancing pressures, minimise rollover risks, and establish a more stable repayment structure.
In recent years, heavy dependence on short-term instruments has exposed the country to frequent refinancing cycles, often at elevated interest rates.
The move to rebuild benchmark bonds is also expected to strengthen the broader financial market by improving liquidity, enhancing price discovery, and boosting investor confidence.
The central bank noted that the issuance calendar is designed to provide clarity to market participants, enabling investors to better plan and allocate capital.
This emphasis on transparency marks a departure from the uncertainty that characterised the peak of Ghana’s debt restructuring period.
From a macroeconomic standpoint, the borrowing programme presents both opportunities and risks.
Improved predictability and a deeper bond market could help reduce borrowing costs over time, particularly if investor confidence continues to recover.
However, sustained domestic borrowing at high interest rates may crowd out private sector access to credit, potentially constraining business expansion and economic growth.
The success of the programme will largely depend on how effectively the funds are utilised.
If directed into productive sectors such as infrastructure, agriculture, and industry, the borrowed funds could stimulate growth, create jobs, and strengthen revenue mobilisation.
Conversely, continued reliance on borrowing to finance recurrent expenditure without strong economic returns could place additional strain on Ghana’s fiscal position.
The government maintains that the issuance strategy aligns with Net Domestic Financing targets outlined in the 2026 Budget Statement and forms part of broader efforts to restore discipline and credibility in public debt management.
The renewed focus on medium- to long-term bonds is expected to complement ongoing fiscal consolidation measures and support Ghana’s transition toward a more sustainable debt trajectory.