IMF warns Ghana's financing needs to exceed 16% of GDP by 2028
The International Monetary Fund (IMF) is warning Ghana of elevated gross financing needs, peaking above 16% of Gross Domestic Product (GDP) in 2028, and sizeable refinancing pressures from the concentration of Domestic Debt Exchange Programme-related maturities in 2027-28. According to its Country Report on Ghana, domestic debt vulnerabilities remain elevated, given the heavy reliance on treasury bills and large rollover needs in 2027-28.
The IMF stated that a carefully calibrated debt management strategy aimed at a lengthening of maturities through a gradual scaling up of Treasury-bond issuance would help mitigate rollover risks. With IMF TA support, a strategy has been adopted to manage the 2027-28 maturity concentration, combining partial redemptions via sinking funds (funded by earmarking 7.0% of non-oil tax revenue and T-bond issuance), buybacks, and rollover through T-bills. Non-resident participation in the domestic treasury bond market should be closely monitored to ensure consistency with DSA parameters.
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The International Monetary Fund (IMF) has issued a warning regarding Ghana's future financial stability. The nation faces significant challenges in
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