The Government of Ghana will borrow GH₵75.7 billion from the domestic market between October and December 2025, with most funds earmarked for refinancing maturing debts, according to the Bank of Ghana.
The Bank of Ghana (BoG) released an issuance calendar showing that approximately GH₵67.5 billion of the total will roll over existing debts, while GHC8.2 billion represents fresh borrowing to support government expenditure and fiscal operations.
The Central Bank indicated that borrowing will occur through issuance of 91 day, 182 day, and 364 day Treasury bills, alongside possible reopenings of existing bonds under the Domestic Debt Exchange Programme (DDEP), subject to market conditions.
The BoG emphasized that the borrowing 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.
The planned borrowing comes as government balances fiscal consolidation with economic growth stimulus amid ongoing negotiations with development partners and private investors. Ghana’s domestic debt market has become increasingly important for financing government operations following restricted access to international capital markets due to elevated borrowing costs.
Financial analysts have previously expressed concern about the sustainability of high domestic borrowing levels, citing potential crowding out effects on private sector credit and upward pressure on interest rates. The government has maintained that strategic debt management remains central to macroeconomic stability.
The fourth quarter borrowing represents a continuation of government reliance on domestic sources to meet financing needs while pursuing debt restructuring agreements with external creditors.
