The Government of Ghana is targeting GH¢15.38 billion in domestic borrowing during the fourth quarter of 2026, as the country prepares for debt-management operations linked to the Domestic Debt Exchange Programme (DDEP). Editorial Standards
The borrowing target is expected to support the government’s financing needs between October and December, while planned buybacks of domestic debt instruments could influence liquidity in the local bond market and the government’s overall debt-management strategy.
The development comes at a time when Ghana continues to balance fiscal consolidation, debt sustainability and the need to finance public expenditure.
The government’s borrowing plans are therefore likely to attract close attention from investors, financial institutions and economic analysts.
However, the distinction between a borrowing target and the amount ultimately raised is important.
The GH¢15.38 billion figure represents the government’s stated financing objective for the quarter; actual issuance may vary depending on market conditions, investor demand and the implementation of debt-management operations.
Treasury bills and bonds to support financing plan
According to the fourth-quarter issuance calendar, the government intends to raise funds through Treasury bills and medium- to long-term securities, subject to prevailing market conditions.
The schedule includes weekly auctions of 91-day, 182-day and 364-day Treasury bills. The government also plans to issue longer-term securities to help establish benchmark bonds across the yield curve and support the development of Ghana’s domestic capital market. Corrections Policy
The issuance calendar is intended to provide investors with greater predictability about the government’s financing activities. Regular and transparent auction schedules can help market participants plan investments and assess the supply of government securities.
The GH¢15.38 billion target is a net domestic financing figure, not the total face value of all securities the government may issue during the quarter. Gross issuance can be higher because the government also needs to refinance maturing obligations.
This distinction is important when interpreting borrowing figures. A net target measures the intended addition to domestic financing after relevant repayments and financing flows are taken into account. It does not necessarily mean that the government will issue only GH¢15.38 billion in securities between October and December.
DDEP bond buybacks form part of debt management
A key component of the fourth-quarter plan is the government’s intention to conduct liability-management operations, including buybacks of bonds issued under the Domestic Debt Exchange Programme that mature in 2027.
The DDEP was introduced as part of Ghana’s broader debt restructuring following the country’s fiscal crisis. It involved exchanging existing domestic bonds for new instruments with revised terms, affecting investors such as banks, pension funds and other financial institutions.
The planned buybacks are part of efforts to manage upcoming repayments and reduce pressure from future debt maturities. However, the issuance calendar does not specify how much of the GH¢15.38 billion financing target will be allocated to the buyback operations.
The details of the buybacks, including the bonds to be targeted, the amounts involved and the terms offered to investors, will be important in assessing their potential effect on the domestic debt market.
Sinking Fund and upcoming repayment obligations
The government’s borrowing and buyback plans also come as Ghana prepares for significant domestic debt repayments in 2027 and 2028.
Finance Minister Dr Cassiel Ato Forson has previously said the government is building resources through a Sinking Fund to meet upcoming DDEP obligations.
The government reported that the fund held GH¢15.6 billion as of July 22, 2026, and was targeting GH¢30 billion by the end of the year to help cover a major repayment due in February 2027. Editorial Ethics & Independence
The Sinking Fund is intended to reduce the risk of having to rely heavily on last-minute borrowing when large debt payments fall due. Its effectiveness will depend on the pace of contributions, the management of its resources and the government’s ability to meet its fiscal targets.
Market confidence and fiscal discipline
The fourth-quarter issuance programme comes as Ghana seeks to maintain confidence in its domestic securities market while managing its financing needs and debt obligations.
A predictable issuance schedule can help investors assess risks and make decisions. However, borrowing costs will also depend on inflation, interest rates, investor demand, fiscal performance and confidence in the government’s debt-management strategy.
The government’s plan to borrow GH¢15.38 billion in net domestic financing, alongside proposed DDEP buybacks, signals continued reliance on the local market as it prepares for upcoming debt maturities. Privacy Policy & Terms
Investors and analysts will be watching for further details on the buyback programme, the actual amounts raised through auctions and progress towards the Sinking Fund target.
These developments will help determine how effectively Ghana manages its near-term financing requirements while preparing for larger repayments in the years ahead.