In 2022, Ghana took a bold leap—restructuring its entire $63 billion public debt amidst economic headwinds. How did the nation pull off one of the fastest debt resets in modern history? Find out how Ghana rewrote its fiscal future.
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Finance Minister Dr Cassiel Ato Forson says a new bill will soon be laid before Parliament to reform the Ghana Cocoa Board and strengthen the institution's financial and operational framework.
He further revealed that a transaction advisor has already submitted a report on a new commercial paper intended to support COCOBOD's planned debt issuance and enhance its access to financing through the capital market.
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@CallmeAlfredo Gotcha! I hope we deploy more PPPs/specific grants (& donor) funding to plug the gap. Borrowing from commercial investors should be the last, imo
Finance Minister Dr. Cassiel Ato Forson says government will no longer borrow to finance the Accra–Kumasi Expressway, as it shifts to using petroleum revenues for priority infrastructure projects.
Speaking at the Ishmael Yamson & Associates Business Roundtable, he said the move follows lessons from past petroleum revenue management and aims to ensure more disciplined use of oil proceeds for development.
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@readJerome It's largely hinged on the pricing, but I believe buying back 27s at 10% and issuing 32s at 14% is a fair value to attract investors, especially fund managers and hedge funds
🇬🇭 Government of Ghana Treasury Bill Auction Results 18May2026
Despite a strong auction with robust investor participation, evidenced by total bids tendered of GHS 5.8bn against a GHS 4.3bn issuance target (representing a bid-to-cover ratio of approximately 1.35x), yields increased by 29 basis points across the money market curve, signaling upward pressure on borrowing costs.
The Government successfully issued GHS 5.5bn, fully refinancing the GHS 4.2bn in maturing securities while exercising selectivity by rejecting GHS 323mn in non-competitive or unattractive bids.
This transaction brings cumulative Treasury bill issuance for the year to GHS 137bn against GHS 114bn in maturities, resulting in net T-bill issuance of +GHS 23bn.
At the upcoming auction, the Government targets raising GHS 4.5bn to cover GHS 4.4bn in upcoming maturities, implying a modest net positive rollover of GHS 100mn.