Despite the large fiscal adjustment in 2025, the International Monetary Fund has warned that the government’s gross financing needs are expected to remain elevated going forward.
According to the Fund, this is due to large debt service obligations and arrears clearance, including the energy sector legacy debt.
In its Country Report on Ghana, the Bretton Woods institution said the government nonetheless intends to resume treasury bond issuance by gradually extending maturities to smoothen the debt repayment profile.
It mentioned that non-resident investors’ participation will be considered if consistent with the programmes debt objectives.
“Since the 2023 domestic debt restructuring, the government has been relying on T-bills [treasury bills] as the main source of domestic financing. Most T-bills are issued through auctions, but the authorities made private placements in 2024, primarily with non-bank investors with limited alternative investment options (individuals, insurance and investment funds)”.
T-bill rates have dropped significantly since March 2025.
This reflected market segmentation and the temporary abundance of cedi liquidity in part due to the delay in the enactment and implementation of the 2025 Budget, given the elections
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