Government’s financing for the period of 2024-2026 is anticipated to depend primarily on multilateral and bilateral partners, as well as domestic treasury bills due to restricted access to international markets.
The World Bank projects that Ghana will predominantly rely on treasury bills and funding from multilateral and bilateral lenders until 2027.
Between 2023 and 2026, the World Bank is expected to provide approximately $3 billion in funding. This includes about $1.5 billion designated for project loans, $1.15 billion for budgetary support, and $400 million for various other initiatives.
During the same timeframe, the African Development Bank plans to allocate $338 million, with $200 million set aside for project loans and grants and $103 million for budget support for 2023-2024.
Domestically, the World Bank anticipates a revival of medium and long-term domestic debt issuance starting in 2025 as the local bond market recovers.
For the third quarter of 2024, the government intends to raise GH¢78.441 billion from the money market. Of this amount, GH¢53.807 billion will be used to refinance short-term debt, while GH¢24.633 billion will be allocated for new financing needs.
This borrowing will be facilitated through the weekly issuance of 91-day, 182-day, and 364-day treasury bills. Transactions will be settled on the date of the primary auction plus one business day.