Government accepted GH¢2.7 billion of the total bids submitted
The government has secured GH¢3.1 billion in bids from investors in its first 7-year cedi-denominated bond auction since the Domestic Debt Exchange Programme (DDEP).
The government accepted GH¢2.7 billion of the total bids submitted.
The bond carries a coupon rate of 12.5% and is set to mature on March 29, 2033.
Settlement for successful bids is scheduled for April 7, 2026.
The bond is also expected to be listed on the Ghana Stock Exchange to support secondary market trading.
The auction is being viewed as a significant step towards reopening the domestic bond market, with expectations that it could enable the government to resume long-term borrowing to finance development projects.
Between March and June 2026, the government plans to raise GH¢15.231 billion through treasury bills and bonds. The funds are expected to support budget implementation and refinance maturing debt.
Authorities also aim to establish benchmark bonds through the issuance programme. “It is expected that the Issuance Calendar for March to June 2026 will provide market participants with clear guidance to inform their investment decisions,” the report noted.
Background
On March 30, the government launched the 7-year cedi-denominated bond, its first such issuance since 2022.
The move follows the end of restrictions under the Domestic Debt Exchange Programme introduced in 2023 after Ghana’s debt default.
Investors were required to submit a minimum bid of GH¢50,000, and the bond was open to both resident and non-resident investors.
Proceeds from the issuance are expected to finance projects outlined in the 2026 budget.
Purpose
According to a circular accompanying the offer, the government aims to re-establish a domestic funding programme.
The issuance is expected to support liquidity management and the refinancing of maturing obligations, while also helping to rebuild the sovereign yield curve, expand investment opportunities, and restore investor confidence.
The Ministry of Finance indicated that participation will not be limited to pension funds, insurance firms, and asset managers.
