Government Sets GH¢75bn Q4 Domestic Borrowing Target

 October 27, 2025 

The Government of Ghana has announced plans to borrow GH¢75.7 billion from the domestic market during the final quarter of 2025 as it seeks to meet public sector financing requirements and refinance maturing obligations.

Breakdown of Borrowing

The Bank of Ghana's latest issuance calendar reveals that the substantial borrowing will be distributed as follows:

• GH¢67.5 billion – Dedicated to rolling over maturing debts
• GH¢8.2 billion – Fresh issuance to support government expenditure and fiscal operations

Implementation Strategy

The Central Bank indicated that the borrowing will be executed through:

• Regular issuance of Treasury bills (91-day, 182-day, and 364-day)
• Potential reopenings of existing bonds under the Domestic Debt Exchange Programme (DDEP), subject to prevailing market conditions

Policy Objectives

According to the Bank of Ghana, this borrowing strategy forms part of the government's comprehensive debt management framework aimed at:

1. Deepening the domestic capital market
2. Lengthening debt maturity profiles
3. Enhancing transparency in public borrowing operations

Context

The announcement comes amid ongoing fiscal pressures, with recent reports indicating that the government has been falling short of its Treasury Bill targets. The Q4 borrowing plan represents a significant component of the country's efforts to manage its public debt while maintaining essential government services and operations.

The success of this borrowing programme will largely depend on investor appetite and market conditions over the coming months as Ghana continues to navigate its fiscal consolidation path.