Dr. Mohammed Amin Adam writes: Ghana’s 2026 domestic debt financing

Ghana's recent public debt situation has shown signs of improvement, but there are concerns about the long-term durability, transparency, and market-based nature of the debt financing system. The recovery has been supported by debt-service relief under the Debt Discussions and Expenditure Programme (DDEP), external restructuring, IMF programme discipline, reduced government spending, favorable gold prices, and domestic policy measures.

While these supports have helped ease immediate pressure, they do not fully eliminate refinancing risks. The crucial test will be whether the government can meet its debt obligations, finance budget deficits, and extend maturities without accumulating arrears, reducing investor returns, relying on opaque placements, or weakening the domestic yield curve.

Since the DDEP, Ghana has also managed its debt through a growing array of non-auction tools, including bond reopenings, possible DDEP bond placements, non-cash issuances, payment-in-kind coupons, sinking fund prefunding, and a planned liability-management programme.