Ghana to Return to Domestic Bond Market With First GHS 3bn Issuance in Q4 2025
Ghana is set to re-enter the domestic bond market between September and December 2025, aiming to raise some GHS 3 billion ($291 million) through medium-term notes as part of its broader debt restructuring and fiscal consolidation strategy.
The move, confirmed by a Finance Ministry official, comes after a prolonged hiatus from the bond market due to borrowing restrictions linked to the country’s recent debt crisis. Proceeds from the issuance will be used primarily to refinance higher-yielding short-term treasury bills, taking advantage of a notable decline in short-term borrowing costs to their lowest levels in three years.
The planned return to the market aligns with Ghana’s ongoing programme with the International Monetary Fund (IMF), which includes a $3 billion Extended Credit Facility arrangement aimed at restoring macroeconomic stability and debt sustainability. The IMF programme envisaged a phased re-entry into the domestic bond market, with a focus on gradually extending the maturity profile of government securities.
Market watchers and investors are expected to gain more clarity on the structure of the upcoming bond issuance including details on tenors, coupon rates, and issuance schedule, when the Finance Minister presents the mid-year budget review next month.
The official also disclosed that Ghana continues to make headway in restructuring its external debt, with negotiations ongoing with commercial creditors. Progress has already been recorded in the restructuring of both domestic bonds and Eurobonds. Ghana has signed a Memorandum of Understanding (MoU) with the Official Creditor Committee, a milestone welcomed by key development partners.
The return to medium-term borrowing is expected to ease pressure on the Treasury’s short-term financing operations, while signalling renewed investor confidence in the country’s economic outlook.
Ghana’s ability to execute a smooth return to the bond market will serve as a critical test of its debt sustainability efforts and broader economic recovery strategy under the IMF-backed programme.
