Ghana’s government has set out plans to raise GH¢15.231 billion from the domestic capital market between March and June 2026 through a combination of treasury bills and bonds, as it moves to fund budget implementation and manage maturing debt obligations in a more structured way.
The programme, outlined in an issuance calendar published by the Bank of Ghana (BoG), covers the weekly sale of 91-day, 182-day and 364-day treasury bills through the primary auction system, with settlement one working day after each transaction. Medium- to long-term bonds will also be issued under the programme, settling within two working days, following the expiration in March of the three-year restrictions on new domestic bond issuance that were introduced during Ghana’s Domestic Debt Exchange Programme (DDEP) in 2023.
Authorities say the borrowed funds will support the 2026 budget while also rolling over maturing obligations. The programme is aligned with Net Domestic Financing targets set out in the 2026 Budget Statement and Economic Policy.
Beyond immediate financing, the issuance calendar signals a deliberate shift in how the government structures its domestic borrowing. Officials are seeking to reduce the heavy reliance on short-term treasury bills that has characterised domestic debt management in recent years, and instead rebuild the market for longer-dated bonds. The concentration in short-term instruments over the past three years, driven largely by DDEP restrictions, has created repeated refinancing cycles and elevated rollover risk.
By extending the maturity profile of domestic debt, authorities aim to ease those pressures and create a more stable repayment horizon. The renewed issuance of benchmark bonds is also intended to rebuild a functioning yield curve, which provides pricing signals for the broader financial market and can help attract both domestic and international investors.
The BoG noted that the calendar is designed to give market participants forward guidance, enabling investors to plan capital allocation across the period. This emphasis on transparency marks a shift from the uncertainty that characterised the market during and after the 2023 restructuring.
Since 2025, the government has met every coupon payment and obligation under restructured bonds, a track record authorities say has been critical to rebuilding creditor confidence. The return to longer-dated issuance follows the March 2026 launch of the Domestic Bond Programme Circular, which set a minimum subscription of GH¢50,000 and designated six financial institutions as Bond Market Specialists to manage issuances.
