IMF warns Ghana of elevated financing needs due to large rollover of T-bills 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.

It added that a close and continuous monitoring of non-resident participation in primary and secondary domestic debt markets will be essential, with readiness to adjust external borrowing plans if inflows exceed prudent levels.

While non-resident participation can help deepen the market and support financing, it also introduces risks, given secondary-market flows’ potential impact on debt sustainability and financial stability through potential capital flow volatility and exchange rate pressures”.