Slide 1 of 11
Slide 1 - The Debt Market in Ghana
The Debt Market in Ghana
Overview, Structure, Trends & Challenges
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Ghana's Debt Market: Overview, Structure, Trends, and Challenges
Generated from prompt:
Debt market in ghana
This presentation delivers a comprehensive overview of Ghana's debt market, including key features, 2023 statistics (92% debt-to-GDP ratio, GHS 220B domestic, USD 32B external), historical timeline from HIPC relief to 2022 default and ongoing restructuring, market structure comparing domestic securities and external Eurobonds, major challenges like fiscal deficits, Cedi depreciation, high yields, and narrow investor base, plus a forward-looking conclusion on reforms and IMF program potential.
May 9, 202611 slides
Slide 2 of 11
Slide 2 - Presentation Agenda
- Market Overview
- Key Statistics
- Historical Timeline
- Market Structure
- Major Challenges
- Future Outlook
- Conclusion
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Slide 3 of 11
Slide 3 - Market Overview
1
Market Overview
Core components and scale of Ghana's debt market
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Slide 4 of 11
Slide 4 - Key Features of the Market
- Government securities dominant: Treasury bills (91-364 days), Government bonds (2-15 years)
- Domestic market: Banks hold ~70% of securities
- External debt: Eurobonds, loans from IMF/World Bank/China
- Regulators: Bank of Ghana (BoG), Securities & Exchange Commission (SEC)
- 2023 est.: Domestic debt GHS 220B, External USD 32B
Slide 5 of 11
Slide 5 - Key Debt Statistics (2023)
- 92%: Debt-to-GDP Ratio
- GHS 220B: Domestic Debt
- USD 32B: External Debt
- 25%: Interest to Revenue
- USD 4.5B: Annual Debt Service
Slide 6 of 11
Slide 6 - Historical Timeline
2008: HIPC Debt Relief Public debt reduced to 30% of GDP 2012: Oil Boom Debt climbs with infrastructure spending 2018: Eurobond Pressure First signs of distress emerge 2022: Debt Default IMF bailout program initiated 2023: Debt Exchange Domestic holders accept 40% haircut 2024: Restructuring External creditor talks ongoing
Slide 7 of 11
Slide 7 - Market Structure: Domestic vs External
Domestic Debt
- Treasury Bills (91, 182, 364 days)
- Bonds (2-20 years)
- Held by banks (70%), pension funds (15%)
- GHS denominated
- Active secondary market via GSE
External Debt
- Eurobonds (USD 10+ year maturities)
- Multilateral (IMF, WB: 40%)
- Bilateral (China: 20%)
- Commercial banks (20%)
- USD/EUR denominated
- Limited secondary trading
Slide 8 of 11
Slide 8 - Challenges & Risks
Slide 9 of 11
Slide 9 - Key Challenges
- Persistent fiscal deficits >5% GDP fuel borrowing needs
- Cedi depreciation: 50% loss vs USD (2022-24)
- Elevated yields: T-bills >25%, bonds >18%
- Narrow investor base: Banks dominant, low retail
- Debt overhang stifles growth
- Geopolitical & election risks (2024 polls)
Slide 10 of 11
Slide 10 - Debt Burden Visualization
- Debt peaked at 92% in 2022
- Post-DES: Reduced to 88%
- IMF program targets 55% by 2028
- External restructuring critical
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Slide 11 of 11
Slide 11 - Conclusion & Outlook
Ghana's debt market is resilient but strained
- Reforms, restructuring key to stability
- Potential for growth post-IMF program
Thank you Questions?
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