The government plans to raise a net GH¢15.38 billion from Ghana’s domestic market in the final quarter of 2026, as it prepares to manage major debt repayments due next year.
The borrowing target, covering October to December, forms part of a broader debt management strategy that includes plans to buy back some bonds issued under the Domestic Debt Exchange Programme (DDEP) that mature in 2027.
According to the government’s fourth-quarter issuance calendar, the GH¢15.38 billion represents the net amount it expects to raise after accounting for debt repayments and other financing requirements. It is therefore not the total value of Treasury bills and bonds that will be issued during the period.
To meet its financing target, the government intends to continue issuing 91-day, 182-day and 364-day Treasury bills through weekly auctions.
It will also consider issuing medium- and long-term bonds, depending on market conditions, to attract investors and support its borrowing plans.
A key element of the strategy is the proposed buyback of selected DDEP bonds due for repayment in 2027. Under the arrangement, the government would repurchase some of the bonds from investors before their maturity dates.
The move is intended to help spread out repayment pressures and reduce the strain on public finances when the bonds fall due next year.
However, the government has not yet disclosed how much it plans to spend on the buyback exercise.
The authorities also intend to make full use of the sinking fund, a mechanism through which resources are set aside to meet government debt obligations.
The fourth-quarter issuance calendar is expected to give investors a clearer picture of when Treasury bills and bonds will be offered, allowing them to plan their investment decisions around the scheduled auctions and possible bond issuances.
The government’s borrowing plan comes as it prepares to meet its financing needs while managing upcoming debt obligations. The planned bond buyback, alongside the use of the sinking fund, is intended to support that process as the country approaches the 2027 repayment period.
