the
development
of
the
domestic
capital
markets.
Specifically,
the
policy
thrust
of
the
GoG
in
the
area
of
domestic
debt
management
focused
on:
•
Establishing
a
regular,
systematic
issuance
calendar
which
takes
into
consideration
redemption
payments
as
well
as
the
net
borrowing
requirements
of
government.
•
Establishing
a
primary
dealers
system
to
encourage
competition
and
trading
in
government
securities
in
order
to
boost
secondary
market
activity.
•
Continuing
to
build
the
capacity
of
the
Treasury
Management
Committee
to
improve
the
forecasting
and
managing
of
Public
Sector
Borrowing
Requirements
of
Government.
•
Continuing
the
process
of
lengthening
the
domestic
debt
profile
through
the
issuance
of
longer
maturity
debt
instruments.
As
indicated
in
Table
4.5
there
has
been
an
overall
increase
in
domestic
debt
from
US$
3,819.36
million
in
2007
to
about
US$
3,898.37
million
in
June
2008.
The
domestic
debt-‐to-‐GDP
ratio
increased
from
about
24.44
percent
in
2006
to
about
26.24
percent
in
2007
but
reduced
to
about
23.44
percent
as
at
the
end
of
June
2008.
While
there
has
been
an
increase
in
short
term
instruments,
medium
and
long
term
instruments
have
decreased
in
2008.
Table
4.5:
Domestic
Debt
(US$
millions)
2002
2003
Short-‐Term
Instruments
977.
11
566.
912.24
785.
465.9
1
373.
580.28
859.05
906.58
1064.2
139.82
243.67
252.84
1
448.7
92
303.
17
107.
303
83
297.
143.33
45
113.
82
410.57
592.
212.46
140.63
138.02
178.56
91-‐Day
Treasury
Bills
182-‐Day
Treasury
Bills
1-‐Year
Treasury
Notes
02
Medium-‐Term
443.
Instruments
—
2-‐Year
Floating
Treasury
84
Notes
2-‐Year
Fixed
Treasury
—
Notes
3-‐Year
GGILBS
Bonds
158
3-‐Year
Floating
Rate
Bonds
-‐
3-‐Year
Fixed
Rate
Bonds
—
—
2004
88
176.
77
36.8
—
163.42
56.0
1
—
12.5
—
17.3
4
81
2005
228
2006
2007
2008
474.74
515.01
436.95
803.93
1,186. 1,682.
93
290
150.22
79
41.97
1673.2
38.63
241.68
517.95
696.12
629.49
24.64
1.03
—
0
14.69
29.77
14.53
2.17
164.22
665.7
0.1
743.43