The Government of Ghana plans to raise GH¢15.38 billion in net domestic financing between October and December 2026, as it prepares to buy back bonds issued under the Domestic Debt Exchange Programme (DDEP) that mature in 2027.
The financing target is outlined in the government’s fourth-quarter issuance calendar, which details its borrowing plans for the final three months of the year.
According to the calendar, the target reflects projected domestic debt maturities and the remaining net domestic financing requirements under the 2026 Mid-Year Fiscal Policy Review Framework.
The government intends to raise the funds through Treasury bills and medium- to long-term government securities, subject to prevailing market conditions.
Treasury bills with maturities of 91, 182 and 364 days will be issued weekly through primary auctions. Medium- to long-term securities will also be offered to help establish benchmark bonds across the yield curve.
Government plans buybacks of 2027 DDEP bonds
The issuance calendar confirms that the government intends to undertake liability management operations involving the buyback of DDEP bonds maturing in 2027.
It also states that these operations, among other factors, have made the full operationalisation of the sinking fund necessary.
The planned buybacks form part of the government’s broader debt management strategy, while the quarterly issuance programme is intended to provide greater predictability for investors and support the development of Ghana’s domestic capital market.
However, the calendar does not specify the amount that will be allocated to the planned bond buybacks.
Government assures investors of transparency
The government says the issuance calendar is designed to improve transparency and enable market participants to make informed investment decisions.
It has reaffirmed its commitment to promoting predictability, market development and investor confidence in the domestic capital market, while pledging to maintain an efficient and credible government securities market.
The GH¢15.38 billion target represents net domestic financing, not the total value of securities the government expects to issue during the quarter. Gross issuance may be higher because it also accounts for the refinancing of maturing debt.
Story by Freedom Etsey Lavoe
