Ghana Must Strengthen Domestic Bond Market to Reduce External Borrowing – Terkper
In a recent address at the PricewaterhouseCoopers (PwC) 2025 Budget Digest Forum, Presidential Advisor on the Economy, Seth Terkper, emphasized the need to fortify Ghana’s domestic bond market as a strategy to reduce its dependence on external borrowing. He highlighted that Ghana’s ambition of transitioning from lower-middle income to upper-middle income would result in the loss of concessional loans and foreign grants, necessitating alternative financing strategies. Terkper advocated for a hybrid model to balance domestic market growth and external funding, which he believes could improve the country’s financial ratings.
Terkper’s remarks were echoed by Goosie Tanoh, Presidential Advisor on the 24-hour economy, who underscored the importance of securing long-term capital to finance critical value chains across various sectors, including agriculture, industry, and technology. Tanoh pointed out that sectors like textiles, machinery, and technical education through TVET would also require substantial investments, with the aim of strengthening the country’s economic foundation.
In support of agriculture, Deputy Minister of Food and Agriculture, John Dumelo, reiterated the government’s commitment to making the sector attractive to youth. Dumelo highlighted initiatives like distributing poultry to 55,000 households and launching the “Irrigation for Wealth Creation” program, which will provide irrigated lands to farmers. He also mentioned plans to build 50 farmer service centers this year to offer technical assistance to farmers.
Senior Country Partner at PwC, Vish Ashiagbor, called for a more conducive environment for private sector investment in agriculture. While acknowledging the government’s GHC 1.5 billion allocation to the Agriculture for Economic Transformation initiative, Ashiagbor emphasized the need for further private sector involvement to ensure the long-term sustainability and growth of the agricultural sector.
source: citi newsroom