Government publishes herewith, the Issuance Calendar for the period January to March, 2022 as part of its efforts to improve market transparency in the issuance of Government securities.

The Calendar is developed based on the Net Domestic Financing provided in the 2022 Budget, the 2022 domestic maturities for the period, the 2022 Borrowing Plan and the Medium Term Debt Strategy.

It depicts the securities that are intended to be issued in respect of Government’s Public Sector Borrowing Requirements for the period January to March 2022.

In addition, the Calendar also takes into consideration 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.

The amounts stated in the Calendar are indicative, to guide the market and may be revised when transaction adverts are published. Government intends to update the Issuance Calendar on a monthly rolling basis, to reflect a full quarter financing programme.

For the period in question, Government plans to issue a gross amount of GHȼ24,500.00 million, of which GHȼ20,714.49 million is to rollover maturities.

The remaining GH¢3,785.51 million is fresh issuance to meet Government’s financing requirements.

Per this calendar, Government aims to build benchmark bonds through the issuance of instruments as follows:


i. the 91-day and 182-day will be issued weekly;

ii. the 364-day bill will be issued bi-weekly also through the primary auction with settlement being the transaction date plus one working day;


iii. securities of 2-year up to 10-year will be issued through the book-building method; and


iv. consistent with the MTDS, Government may announce tap-ins/reopening of other existing instruments depending on market conditions.

Government expects that this January to March 2022 Calendar meets the requirements of market participants.

Government assures all stakeholders and the public, that it continues to strive for greater predictability and transparency in the domestic bond market.

Credit: MoF