Domestic Debt Market: Gov’t Plans to Reopen DDEP Instruments, Raise GHS 75.7 Billion in Final Quarter of 2025
The Government of Ghana has announced plans to raise a gross amount of GH¢75.7 billion from the domestic market between October and December 2025, according to the Bank of Ghana’s latest issuance calendar.
The amount comprises GH¢67.52 billion to refinance maturing debts and GH¢8.18 billion in fresh issuance to meet the government’s net financing requirements for the fourth quarter of the year.
The calendar, released under Notice No. BG/FMD/2025/63, is part of the government’s ongoing efforts to deepen the domestic capital market, enhance transparency, and improve predictability in public debt management.
Per the issuance calendar, the government will continue to issue the 91-day, 182-day, and 364-day Treasury bills through weekly auctions, with settlements occurring one working day after each auction. Additionally, the government may reopen selected Domestic Debt Exchange Programme (DDEP) bonds, depending on market conditions, to support budget execution and improve liquidity on the secondary market.
The Bank of Ghana, in the notice, noted that the issuance strategy aligns with the government’s debt management plan and the Public Debt Management Office’s goal of lengthening the maturity profile of the public debt stock.
The government reaffirmed its commitment to enhancing transparency and predictability in the domestic capital market, assuring market participants of continued engagement and timely publication of issuance data to guide investment decisions.
Domestic Debt Surpasses External Debt for the First Time in Years
Meanwhile, Ghana’s domestic debt stock has exceeded external debt for the first time in several years, reflecting the government’s growing dependence on the local debt market to meet its financing needs.
Data from the Bank of Ghana’s September 2025 Summary of Economic and Financial Data show that domestic debt stood at GH¢323.7 billion, representing 23.1% of Gross Domestic Product (GDP), while external debt amounted to GH¢305.0 billion, equivalent to 21.8% of GDP.
The Central Bank attributed the increase in domestic borrowings to expected coupon payment obligations of government on both tendered and untendered bonds in February and August 2025, necessitating higher borrowings to build buffers.
At end-July 2025, the country’s total public debt stood at GH¢628.8 billion ($59.9 billion), representing 44.9% of GDP. This reflects a decline of GH¢98 billion compared to GH¢726.7 billion (61.8% of GDP) recorded at end-December 2024, driven largely by the combined effects of cedi appreciation and a slowdown in debt accumulation.
However, the July 2025 figure also indicates a GH¢15.8 billion rise in the public debt stock from GH¢613 billion recorded in June 2025.
External debt remained relatively stable at $29.0 billion (21.8% of GDP), while domestic debt increased from GH¢312.7 billion in June to GH¢323.7 billion in July, underscoring rising pressure from local borrowings.
