Ghana to Borrow GH¢15.38 Billion in Three Months as Government Plans DDEP Bond Buybacks

The Government of Ghana plans to raise GH¢15.38 billion in net domestic financing between October and December 2026, with part of its debt management strategy involving the buyback of bonds issued under the Domestic Debt Exchange Programme (DDEP) that are due to mature in 2027.

The borrowing plan is contained in the government’s issuance calendar for the fourth quarter of 2026, which outlines its financing arrangements for the final three months of the year.

The calendar indicates that the target takes into account expected domestic debt maturities and the outstanding net domestic financing requirements under the 2026 Mid-Year Fiscal Policy Review Framework.

The government intends to mobilise the funds through Treasury bills and medium- to long-term government securities, depending on prevailing market conditions.

Under the programme, 91-day, 182-day and 364-day Treasury bills will be offered through weekly primary auctions.

The government also plans to issue medium- to long-term securities to establish benchmark bonds across different maturities along the yield curve.

As part of its liability management strategy, the government will undertake buyback operations targeting DDEP bonds scheduled to mature in 2027.

The calendar further indicates that these operations, alongside other considerations, have necessitated the full operationalisation of the sinking fund.

The planned bond buybacks are intended to support the government’s broader debt management efforts, while the quarterly issuance programme seeks to provide greater certainty for investors and strengthen Ghana’s domestic capital market.

According to the government, the issuance calendar is also designed to enhance transparency and enable market participants to make better-informed investment decisions.

However, the GH¢15.38 billion target represents net domestic financing rather than the total value of government securities expected to be issued during the period.

The calendar does not disclose the specific amount allocated to the planned DDEP bond buybacks.

Source: https://www.citinewsroom.com/2026/10/government-targets-gh¢15-38bn-q4-borrowing-as-ddep-buybacks-loom/

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