Bank of Ghana's headquarters
As part of measures to finance Ghana's public sector operations and refinance maturing debts, the government intends to borrow GH¢75.5 billion from the domestic market between October and December 2025.
According to the latest issuance calendar from the Bank of Ghana, about GH¢67.5 billion of the amount will be used to roll over maturing debts, while the remaining GH¢8.2 billion will support government expenditure and fiscal operations in the fourth quarter of 2025.
The Bank indicated that the borrowing will be conducted through the issuance of Treasury bills and the reopening of existing bonds under the Domestic Debt Exchange Programme (DDEP), depending on prevailing market conditions.
Debt restructuring remains a key fiscal risk
The BoG emphasised that the plan aligns with the government’s Medium-Term Debt Management Strategy, which aims to deepen the domestic capital market, extend debt maturity profiles, and promote transparency in public borrowing.
Ghana’s domestic debt market remains a crucial source of financing for government operations, especially given the country’s limited access to international capital markets due to elevated borrowing costs.
Meanwhile, the Minister of Finance, Dr Cassiel Ato Forson, is expected to present the 2026 Budget Statement and Economic Policy to Parliament on November 13, 2025.
The 2026 Budget is expected to focus on job creation and measures to stimulate economic growth.
SP/MA
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