GCRF Mobility Fund: Maximizing Finance for Development - Exploring Drivers and Beneficiaries of Domestic Debt Market Development in Ghana

Developing countries are developing their domestic debt markets at unprecedented speeds. Domestic debt markets allow governments and investors to borrow in domestic currency, rather than relying on foreign debt. Whilst such developments could provide more reliable funding sources for governments and domestic investors, such markets also come at considerable risk of increased vulnerability to international market conditions because of the strong presence of (often speculative) foreign investors. This project investigates the drivers of these developments in Ghana, based on interviews with policy-makers, officials of international organizations, and investors. The implications of these developments is also explored, including who benefits.