Ghana’s return to the domestic bond market is opening a path for the country to reduce its reliance on short-term government borrowing and mobilise more long-term capital for infrastructure, businesses and other productive investments, as the Bank of Ghana (BoG) pushes for a deeper debt capital market.
Governor of the BoG, Dr Johnson Pandit Asiama, said the reopening of the market, alongside falling Treasury bill yields and broader participation by institutional investors, showed that confidence in Ghana’s government securities market was recovering.
The development comes after the government effectively lost access to the domestic bond market following the 2022–23 Domestic Debt Exchange Programme (DDEP), forcing it to rely heavily on Treasury bills to meet domestic financing needs.
Domestic bond issuance resumed in April 2026, when the government issued its first Treasury bond since the DDEP, a seven-year bond aimed at lengthening the maturity of its domestic debt portfolio and smoothing the debt-service profile.
Heavy reliance on short-term securities means the government has to refinance its debt more frequently, leaving public finances more exposed to changes in interest rates and investor demand.
The IMF has warned that Ghana still faces elevated rollover pressures, particularly from large maturities concentrated in 2027–28. It has therefore recommended a gradual increase in longer-term bond issuance to reduce refinancing risks.
Market conditions have also become more supportive of that strategy. Bank of Ghana data show that the interest rate on the 91-day Treasury bill had fallen to 5.07% as of August 24, 2026, while the 182-day bill was at 7.08%. The 364-day bill stood at 11.59%.
The reopening of the bond market gives investors access to a broader range of instruments and maturities, while allowing the government to manage its liabilities over longer periods instead of repeatedly refinancing short-term obligations.
But the larger economic significance lies in whether Ghana can move beyond government financing and develop a market capable of directing domestic savings into private-sector investment.
The Securities and Exchange Commission reported that assets under management in Ghana’s asset-management industry had exceeded GH¢100 billion by the end of 2025. Such pools of pension, institutional and household savings provide a potential source of long-term funding for bonds issued by companies and infrastructure projects.
Governor Asiama said the next stage of market development should focus on diversifying issuers and instruments, deploying technology to improve efficiency and transparency, and mobilising domestic and diaspora savings into long-term investments.
“The proof of a deeper debt capital market will not be found only on an auction sheet,” he said. “It will be found in the power project that was completed, the factory that expanded, the housing development that was financed, and the SME that finds room on a bank’s balance sheet because the right capital reached the right use.”
The comments align with Ghana’s broader post-restructuring effort to restore investor confidence. The IMF said Ghana’s public debt-to-GDP ratio fell from 70.3% at the end of 2024 to 49% at the end of 2025, while the country’s risk of debt distress was downgraded from high to moderate.
However, the recovery of the bond market does not remove the need for fiscal discipline. The IMF has cautioned that Ghana’s domestic debt vulnerabilities remain elevated because of its previous reliance on short-term instruments and the concentration of maturities in 2027–28.
The reopening of the market is also supporting the development of a broader capital-market ecosystem, with government securities providing a foundation for corporate bonds, infrastructure finance and other long-term investments.
