GH¢111bn DDEP maturity wall in 2027/2028 – Insights from Charles Adu Boahen

Sources Bank of Ghana; Ministry of Finance 2026 Budget Statement and 2026 Mid-Year Fiscal Policy Review; Ghana Stock Exchange and Ghana Fixed Income Market status reports; IMF Article IV and Extended Credit Facility documentation; Fitch Ratings; Central Securities Depository DDE participation data (10 February 2023); and Black Star Analytics, “Debt Profile and Simulation” (May 2023) and “Ghana’s Bond Market 2025: From Restructuring to Recovery” (August 2025), including its institutional investor survey.

Half of all respondents remain “unsure, awaiting clarity from government”, and the 49 per cent who have already said yes are not numerous enough to absorb GH¢25–30 billion a year on their own.

Borrowing costs have more than halved in twelve months: five-year money now clears below 10 per cent, down from more than 30 per cent three years ago.