The government of Ghana has published the issuance calendar for the period October to December 2021, as part of its efforts to improve market transparency in the issuance of government securities.

The calendar is developed based on the revised net domestic financing provided in the 2021 mid-year budget, the 2021 domestic maturities, the 2021 Annual Borrowing & Recovery Plan and the 2021-2024 Medium-Term Debt Management Strategy.

It indicates the securities that are intended to be issued in respect of the government’s public sector borrowing requirements for the period October to December 2021.

In addition, the calendar takes into consideration the government’s liability management programme, market developments (both domestic and international) and the Treasury & Debt Management objective of lengthening the maturity profile of the public debt.

Below is a summary of the gross borrowing requirement for the period October to December 2021.

The amounts stated in the calendar are indicative, to guide the market and may be revised when transaction adverts are published.

The government intends to update the issuance calendar on a monthly rolling basis, to reflect a full quarter financing programme.

For the period in question, the government plans to issue a gross amount of GHȼ21,170.00 million, of which GHȼ20,129.30 million is to rollover maturities.

The remaining GH¢1,040.70 million is fresh issuance to meet the government’s financing requirements.

Per this calendar, the government aims to build benchmark bonds through the issuance of instruments as follows: the 91-day and 182-day will be issued weekly; the 364-day bill will be issued bi-weekly also through the primary auction with settlement being the transaction date plus one working day; securities of 2-year up to 10-year will be issued through the book-building method; and consistent with the MTDS, Government may announce tap-ins/reopening of other existing instruments depending on market conditions.

The government expects that this October to December 2021 calendar meets the requirements of market participants.

The government assured all stakeholders and the public that it continues to strive for greater predictability and transparency in the domestic bond market.