The Government plans to raise GH¢15.38 billion in net domestic financing during the fourth quarter of 2026 to support its financing needs and prepare for the buyback of bonds issued under the Domestic Debt Exchange Programme (DDEP) that are due to mature in 2027.
The borrowing target is contained in the government’s fourth-quarter issuance calendar, which outlines its financing strategy for October to December 2026. The calendar indicates that the target is based on projected domestic debt maturities and the outstanding net domestic financing requirements under the 2026 Mid-Year Fiscal Policy Review Framework.
According to the plan, the government will mobilise funds through Treasury bills and medium- to long-term securities, depending on prevailing market conditions. Treasury bills with maturities of 91, 182 and 364 days will be issued weekly through primary auctions, while medium- to long-term securities will be offered to help establish benchmark bonds across the yield curve.
The issuance calendar also outlines plans for liability management operations, including the buyback of DDEP bonds maturing in 2027. The government noted that these operations, alongside other considerations, have made the full operationalisation of the sinking fund necessary.
The planned bond buybacks form part of the government’s broader debt management strategy, while the quarterly issuance programme seeks to improve predictability for investors and strengthen the development of Ghana’s domestic capital market.
The government further indicated that the calendar is intended to enhance transparency and enable market participants to make informed investment decisions. However, it clarified that the GH¢15.38 billion target represents net domestic financing rather than the total gross value of securities to be issued during the quarter.
The calendar does not disclose the specific amount allocated to 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 stated.
