Ghana's government plans to raise a net 15.38bn GHS (€1.19bn) on the domestic market from October to December 2026 and to buy back bonds from the 2023 domestic debt exchange that mature in 2027, the Bank of Ghana said in a notice dated October 22. The net amount is almost unchanged from the 15.39bn GHS (€1.19bn) planned for July to September, the finance ministry's calendar showed.
Analysis: The proposed buybacks would address part of the 58bn GHS (€4.5bn) in restructured bonds due in 2027, according to the mid-year budget review. The sinking fund held 15.6bn GHS (€1.2bn) on July 22, around one-quarter of the maturities, and the government wants 30bn GHS (€2.3bn) by year-end to cover the February 2027 payment. Banks and pension funds could be offered early redemption, but officials have not announced purchase volumes, prices or dates. The 2027 budget, due by November 15, may clarify the financing strategy.
Source: Bank of Ghana, Bank of Ghana Notice No. BG/FMD/2026/51, Government's Issuance Calendar for October to December 2026 (October 22, 2026), Q4 2026 (October-December); Ministry of Finance, Ghana, Ministry of Finance, Issuance Calendar for July to September 2026 (dated June 30, 2026), Q3 2026 (July-September); Bank of Ghana, Bank of Ghana Notice No. BG/FMD/2026/51 (October 22, 2026), Q4 2026; New Times Corporation, 2026 Mid-Year Fiscal Policy Review (July 2026), as reported by the Ghanaian Times on July 27, 2026, 2027; New Times Corporation, 2026 Mid-Year Fiscal Policy Review speech, as reported by the Ghanaian Times on July 27, 2026, July 22, 2026 and End-2026; Bank of Ghana, Bank of Ghana, Summary of Economic and Financial Data, September 2026, July 2026; Multimedia Group, Finance Minister interview (via Joy Business, September 15, 2026), 2027 budget (period not stated); Bank of Ghana, Bank of Ghana, Daily Interbank FX Rates table, 28 October 2026