The Government of Ghana plans to borrow GH¢75.7 billion from the domestic market between October and December 2025 to help finance public sector operations and refinance maturing debts.
According to the latest issuance calendar released by the Bank of Ghana (BoG), approximately GH¢67.5 billion of the total amount will be used to roll over maturing securities, while the remaining GH¢8.2 billion represents fresh issuance to support government expenditure and fiscal activities for the fourth quarter.
The central bank noted that the borrowing will be conducted primarily through the issuance of 91-day, 182-day, and 364-day Treasury bills, as well as potential reopenings of existing bonds under the Domestic Debt Exchange Programme (DDEP), depending on prevailing market conditions.
BoG explained that the move is consistent with the government’s medium-term debt management strategy, which seeks to deepen the domestic capital market, lengthen the maturity profile of debt instruments, and enhance transparency and predictability in public borrowing.
Market analysts say the upcoming issuances will test investor appetite and confidence, particularly as the government continues to rely heavily on the domestic market to finance its fiscal gap amid constrained external financing options.
The fourth-quarter borrowing programme also comes at a time when T-bill yields have shown mixed trends, reflecting investor caution ahead of the 2026 national budget presentation.
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