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2019 Medium Term Debt Management Strategy (MTDS)

2019 Medium Term Debt Management Strategy (MTDS)

The 2019-2022 Medium Term Debt Management Strategy (MTDS) sets out the debt strategy of the country over the medium term with respect to borrowing from external and domestic sources .it is the second to be published since the implementation of the Public Financial Management Act,2016(Act 921) in 2017.

The aim of the MTDS is to support Government’s strategy in implementing the 2019 budget and over the medium term by ensuring that the government’s financial requirement and payment obligations are met at the lowest cost with prudent degree of risk in line with Medium Fiscal Framework.

Consistent with the PFM Law and with respect to transparency and accountability, that MTDS therefore emphasizes Government’s commitment to develop and designing a strategy that is evidence based and feasible in ensuring that public debt levels remains sustainable and supports broad-based and inclusive growth.


The 2019 MTDS recognizes that a diversified investment base, currency structure, liability management operations and development of the domestic debt market is important for managing risks on a country’s public debt portfolio. To address this, government will diversify its source of external borrowing, by accessing international capital markets by way of issuing Century bond Green bond, Samurai bond, Panda among others.

On the development of the domestic debt market, government is in the process of reviewing the primary dealership framework and facilitates securities trading on the domestic market through the Ghana Fixed Income Markets (GFIM).

On the operational level, and with zero central bank financing of the budget still in force, the MTDS makes provision of a revolving cash buffer beyond the net domestic financing to cater for liquidity and liability management. In this regard, an annual borrowing plan and issuance calendar will be prepared to operationalize the MTDS.

Finally, let me underscore our commitment to prudent debt management in accordance with the PFM Law. We assure public that government will continue to manage the public debt prudently and help ensure that we don’t get into situation of debt distress which could overburden our future generations