The Government intends to mobilize GH¢15.38 billion through net domestic financing in the fourth quarter of 2026 to repurchase bonds issued under the Domestic Debt Exchange Programme (DDEP) and scheduled to mature in 2027.
This financing strategy is articulated in the government’s fourth-quarter issuance calendar, which delineates its borrowing approach for the concluding three months of the fiscal year.
Pursuant to the calendar, the targeted borrowing amount reflects anticipated domestic debt obligations and the outstanding net domestic financing needs as established in the 2026 Mid-Year Fiscal Policy Review Framework.
The government will procure these funds through Treasury bills and medium- to long-term debt instruments, depending on market conditions.
Treasury bills with tenors of 91, 182, and 364 days shall be distributed on a weekly basis through competitive primary auctions. Medium- to long-term debt instruments will similarly be distributed to facilitate the establishment of reference bonds throughout the yield curve.
The calendar further confirms the implementation of liability management initiatives encompassing repurchases of the 2027 DDEP bonds.
The Government indicates that these initiatives, in conjunction with other considerations, have rendered the comprehensive activation of the sinking fund mechanism imperative.
The proposed bond repurchases constitute an integral component of the government’s debt administration strategy, whereas the comprehensive issuance program aims to furnish market participants with predictability and facilitate the advancement of Ghana’s domestic capital market infrastructure.
The Government asserts that the calendar serves to enhance transparency and facilitate market participants in formulating well-informed investment determinations.
Nevertheless, the GH¢15.38 billion amount denotes the government’s net financing objective, as opposed to its aggregate gross issuance volume.
The calendar fails to delineate the specific funds allocated for the anticipated bond repurchase program. The Government reiterates its unwavering commitment to advancing transparency, predictability, market development, and investor confidence within the domestic capital market, and provides assurance to all market participants and stakeholders regarding its sustained dedication to maintaining an efficient, credible, and well-functioning domestic government securities market, according to the calendar.
