The Chief Executive Officer of Dalex Finance, Joe Jackson, is urging the government to revisit the bond market as a move to fund its key projects.

Speaking during a GhanaWeb X Space discussion ahead of the 2025 Mid-Year Budget Review, which will be presented by the Minister of Finance on July 24, 2025, Jackson said the current economic conditions demand bold fiscal action.

He said with borrowing costs still relatively favorable and investor appetite for government securities on the rise, now is the time for the government to re-engage the capital markets.

"The difficulty comes when the borrowing is so short term. With that, we are in trouble when we have to pay back because more than 50 percent of the money we earn is going to service that debt. The government should go back to the bond market. The sooner, unfortunately, the better," he stated.

Responding to questions on the Domestic Debt Exchange Programme (DDEP) under the previous government, Jackson acknowledged the damage it caused but said long-term borrowing through bonds should be the way to go.

"In spite of the bad experience with the DDEP and the haircut our foreign debtors had, we should go back in borrowing long term. Borrowing long terms through bonds allows us to spread the payment to a point where we can afford it," he added.

He also warned against over-reliance on treasury bills, arguing that short-term instruments are not sustainable, given the country's fiscal challenges.

"The government is between a rock and a hard place. You can’t rely on short-term treasury bills as your main source of funding. The bond market experience was traumatic, Ghanaian bonds were considered toxic. Let's keep to our commitment to our fiscal responsibility. Let's make a stand on borrowing on the bond market," he stressed.

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— GhanaWeb (@TheGhanaWeb) July 23, 2025