Return to bond market on gradual basis – IMF to government

The International Monetary Fund has advised the government to begin the issuance of treasury bonds on a gradual basis.

The government has given its intention of resuming T-bonds issuance in early 2026 to lengthen average maturity and ease rollover risks.

But the IMF wants this to be done with caution, as the spread with the monetary policy rate narrows.

Since the 2023 domestic debt restructuring, treasury bills have been the main source of budget domestic financing.

With T-bill interest rates falling substantially since March 2025, the IMF pointed out that the appetite for government paper has receded in the more recent auctions.

Last week, the secondary bond market advanced strongly, posting a 64.39% week-on-week increase in turnover to GH¢6.75 billion.

The February 2030 remained the market’s liquidity driver, commanding GH¢2.98 billion in volumes traded and reaffirming its benchmark status.