The International Monetary Fund (IMF) has warned that Ghana’s overall financing demands will stay high despite major fiscal reforms in 2025. This is mainly due to large debt service payments and efforts to clear arrears, including old energy sector debts.
The government plans to restart issuing treasury bonds, gradually extending maturities to better manage repayments. Foreign investor participation may be allowed if it aligns with debt sustainability goals. Since the 2023 domestic debt restructuring, the government has relied heavily on treasury bills for local financing. In 2024, some T-bills were privately placed with non-bank investors who had limited investment alternatives.
Treasury bill interest rates have dropped significantly since March 2025. The IMF attributes this decline to temporary excess cedi liquidity and delays in the 2025 Budget due to the election year.
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