The Ministry was established under sections 11 & 13 of the Civil Service Law 1993 (PNDCL 327) as amended by an Executive Instrument 28 (E.I. 28) Civil Service (Ministries) (Amendment Instrument, 2017) to ensure effective and efficient Macroeconomic and Financial Management of Ghana's economy. Contact online >>
The Ministry was established under sections 11 & 13 of the Civil Service Law 1993 (PNDCL 327) as amended by an Executive Instrument 28 (E.I. 28) Civil Service (Ministries) (Amendment Instrument, 2017) to ensure effective and efficient Macroeconomic and Financial Management of Ghana''s economy.
To ensure effective economic policy management for the attainment of macroeconomic stability and sustainable economic growth through sound fiscal policy and efficient public financial management by deploying competent staff and robust systems for the development of Ghana.
The debt management operations for 2023 were conducted against the background of an IMF-supported Post-COVID-19 Programme for Economic Growth (PC-PEG) anchored on restoring macro-economic stability and debt sustainability; coordinating an equitable debt operation programme; negotiating a strong IMF programme, among others.
Among the highlights of 2023 is the Government''s success in securing an approved IMF-supported Programme and the execution of a debt restructuring programme to alleviate fiscal pressures by reducing debt servicing costs, improving debt sustainability indicators over the medium to long-term and ensuring macroeconomic stability and economic growth.
The objective of public debt management is to ensure that the government''s financing needs are met on a timely basis, borrowing costs to government are as low as possible consistent with a prudent degree of risk, and the Ghanaian debt market is developed.
Government''s Debt Management Strategy is approved by Cabinet. The formulation of the debt management strategy with respect to borrowing from external and domestic sources is based on the debt management objectives and considers:
To effectively implement the debt management strategy, the Annual Borrowing Plan (ABP) is prepared based on the approved debt management strategy and issuance calendars are published to inform investors. The key instruments available for raising domestic resources are short-term government securities (91-day, 182-day and 364-day Treasury Bills), as well as medium and long-term instruments (2-year, 3-year, 5-year, 10-year, 15-year and 20-year bonds). The institutional mechanism used to issue government debt securities is the Primary Dealer System.
To diversify the investor and instrument base, non-resident investors are allowed to participate in securities with maturities of 2 years and longer tenors while Treasury bills are restricted to resident domestic investors.
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