The Government of Ghana has secured GH¢3.1 billion in bids from investors in its first 7-year cedi-denominated bond auction following the Domestic Debt Exchange Programme.
According to a summary issuance report seen by JOYBUSINESS, the government accepted GH¢2.7 billion of the total bids. The bond carries a coupon rate of 12.5% and will mature on March 29, 2033.
Analysts described the outcome as favourable, noting that the coupon rate slightly exceeds prevailing secondary market rates for pre-DDEP bonds. Settlement for successful bids is scheduled for April 7, 2026, and the bond is expected to be listed on the Ghana Stock Exchange to facilitate active trading.
The results are seen as a major step toward reopening the domestic bond market and may allow the government to resume long-term borrowing to finance development projects. Between March and June 2026, authorities plan to raise GH¢15.231 billion through treasury bills and bonds, supporting budget implementation and refinancing of maturing debt.
The March 30 launch of the 7-year cedi-denominated bond marked Ghana’s first issuance of its kind since 2022. The bond, open to both resident and non-resident participants, requires a minimum bid of GH¢50,000, with proceeds expected to finance projects outlined in the 2026 budget.
The issuance aims to re-establish a domestic funding programme, support liquidity management, refinance maturing obligations, rebuild the sovereign yield curve, expand investment opportunities, and restore investor confidence. Participation is open beyond pension funds, insurance companies, and asset managers, reflecting the government’s strategy to broaden market engagement.
Aikines Anyomi
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