Ghana launches four-year Treasury bond amid rising public debt

Ghana is intensifying its domestic funding efforts with the launch of a new four-year, cedi-denominated Treasury bond. Scheduled to mature in 2030, the bond will be issued via a book-building process starting September 1, 2026. The Bank of Ghana intends for this instrument to help the government extend borrowing beyond short-term securities and build financial buffers for upcoming debt repayments in 2027 and 2028.

Recent data from the Bank of Ghana shows that the country’s public debt rose to GH¢719.52 billion by the end of June 2026, a 12 percent increase from the end of 2025. This brings the debt-to-GDP ratio to 45 percent. The increase was primarily driven by domestic borrowing, which accounted for 54.4 percent of the total debt, and exchange-rate effects on external obligations. Additionally, the cedi depreciated by 7.9 percent against the US dollar during the first half of 2026.

In a separate economic development, Ghana’s state-owned enterprises (SOEs) reported a significant turnaround in 2025. According to the State Interests and Governance Authority (SIGA), the sector recorded a consolidated net profit of GH¢19.80 billion, reversing four years of consecutive losses. This rebound was largely supported by growth in the agriculture, manufacturing, and infrastructure sub-sectors.