The Government of Ghana plans to raise GH¢75.7 billion from the domestic market between October and December 2025 to help refinance maturing debts and support fiscal operations.
According to an issuance calendar released by the Bank of Ghana (BoG), about GH¢67.5 billion of the amount will go into rolling over existing debts, while GH¢8.2 billion represents fresh funds to finance government expenditure.
The Central Bank explained that the funds will be raised through the sale of 91-day, 182-day, and 364-day Treasury bills, as well as potential reopenings of existing bonds under the Domestic Debt Exchange Programme (DDEP), depending on market conditions.
BoG noted that this borrowing plan is in line with the government’s Medium-Term Debt Management Strategy, which seeks to deepen the domestic capital market, extend debt maturities, and enhance transparency in public borrowing.
The move comes at a time when government is trying to balance fiscal consolidation with measures to stimulate economic growth, while continuing negotiations with development partners and private investors.
With limited access to international capital markets due to high global borrowing costs, Ghana’s domestic debt market has become a crucial source of financing for public operations.
However, financial analysts have raised concerns over the increasing reliance on domestic borrowing, warning it could crowd out private sector credit and push interest rates higher.
Government officials, on the other hand, insist that careful and strategic debt management remains key to ensuring macroeconomic stability and sustaining investor confidence.
