The Government 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 planned borrowing is outlined in the government’s fourth-quarter issuance calendar, which sets out its financing strategy for the final three months of the year.
According to the calendar, the borrowing 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 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 issued to help establish benchmark bonds across the yield curve.
The calendar also confirms plans for liability management operations involving buybacks of the 2027 DDEP bonds.
The government says these operations, among other factors, have made the full operationalisation of the sinking fund necessary.
The planned buybacks form part of the government’s debt management efforts, while the broader issuance programme is intended to provide predictability for investors and support the development of Ghana’s domestic capital market.
The government says the calendar is designed to improve transparency and help market participants make informed investment decisions.
However, the GH¢15.38 billion figure represents the government’s net financing target, rather than its total gross issuance.
“The calendar does not specify the amount earmarked for the planned bond buybacks. Government reaffirms its commitment to promoting transparency, predictability, market development and investor confidence in the domestic capital market and assures all market participants and stakeholders of its continued dedication to an efficient, credible, and well-functioning domestic government securities market”, the calendar mentioned.