IMF warns Ghana of rising financing needs and limited borrowing space

The International Monetary Fund (IMF) cautioned Ghana that its gross financing needs could exceed 16% of GDP by 2028, driven by a concentration of domestic debt maturities in 2027‑28. The Fund recommended lengthening debt maturities through increased Treasury‑bond issuance, partial redemptions, buybacks and careful monitoring of non‑resident participation in the bond market to mitigate rollover and exchange‑rate risks.

In its latest Article IV Consultation, the IMF also warned that Ghana has limited fiscal space for fresh external borrowing, estimating room for only about US$1.2‑1.3 billion in present‑value terms per year. It urged the government to prioritize highly concessional financing and maintain strong institutional safeguards, noting that while debt‑sustainability indicators have improved, vulnerabilities remain elevated.