The International Monetary Fund (IMF) has advised the government to cautiously resume the issuance of treasury bonds, recommending that it be done gradually.
The government has announced plans to restart treasury bond issuance in early 2026 as part of efforts to extend the average maturity of public debt and reduce rollover risks.
However, the IMF has urged restraint, noting that the gap between treasury bond yields and the monetary policy rate is narrowing.
Since the domestic debt restructuring in 2023, treasury bills have largely been the government’s main source of domestic financing.
The IMF observed that although treasury bill interest rates have dropped significantly since March 2025, investor demand for government securities has weakened in recent auctions.
Meanwhile, activity in the secondary bond market improved sharply last week, with total turnover rising by 64.39 percent week-on-week to GH¢6.75 billion.
The February 2030 bond led market activity, recording GH¢2.98 billion in traded volumes and maintaining its position as the market’s key benchmark bond.
