The International Monetary Fund (IMF) has urged the government to resume issuing treasury bonds cautiously and on a gradual basis.
The government plans to restart T-bond issuance in early 2026 to extend average maturity profiles and reduce rollover risks. However, the IMF cautions against haste, especially as the spread between bond yields and the monetary policy rate continues to narrow.
Since the 2023 domestic debt restructuring, treasury bills have served as the primary tool for budget financing. With T-bill rates dropping sharply since March 2025, the IMF notes waning investor appetite for government securities in recent auctions.
Meanwhile, the secondary bond market showed vigour last week, with turnover surging 64.39% week-on-week to GH¢6.75 billion. The February 2030 bond led the charge, accounting for GH¢2.98 billion in traded volumes and solidifying its role as the market benchmark.
Story by: Mercy Addai Turkson #ahotoronline.com