The Ministry of Finance has officially launched Ghana’s return to the domestic bond market, ending a three-year restriction on long-term borrowing introduced under the Domestic Debt Exchange Programme (DDEP).
A programme circular issued today outlines the terms for issuing new Treasury Bonds, with a minimum bid set at GH₵50,000. Bids must be made in integral multiples of GH₵1,000 thereafter.
The bonds will be senior unsecured Treasury Bonds denominated in Ghana cedis, with tenors to be confirmed per auction notice. Interest will be paid semi-annually, and redemption will be structured as bullet repayment at maturity unless otherwise specified.
The coupon rate will be determined through an auction process conducted via the Central Securities Depository (CSD) auction system, using a bookbuilding format. Bids may be accepted on a yield or price basis, with successful bids clearing at a single level for new issuances. Securities will be issued in dematerialised form and recorded in book-entry accounts; no physical certificates will be issued.
Bond Market Specialists Appointed
The Ministry has appointed six financial institutions as Bond Market Specialists to manage the issuance: Absa Bank Ghana, CalBank PLC, Fincap Securities, GCB Bank PLC, One Africa Securities, and Stanbic Bank Ghana. Prospective investors must participate through these appointed specialists.
The bonds will be listed and traded on the Ghana Fixed Income Market of the Ghana Stock Exchange to provide liquidity in the secondary market.
Strategic Objectives
The government outlined four key objectives guiding the programme:
· Re-establishing a domestic funding programme
· Supporting liquidity management and refinancing of maturing obligations
· Rebuilding a sovereign yield curve
· Providing investment opportunities for retail and institutional investors, including banks, pension funds, insurance companies, and asset managers
The Ministry stated that proceeds from the bond issuance will be applied towards budgetary support. The programme is expected to significantly reduce the government’s reliance on short-term Treasury bills, which increased sharply during the restructuring period, exposing the state to rollover risks and higher short-term borrowing pressures.
The return to longer-dated domestic bonds is aimed at lengthening the maturity profile of public debt and providing greater stability to the domestic market. The government noted that it has honoured every coupon payment and obligation under restructured bonds since 2025.
Further issuance details will be communicated officially through the Ministry and the appointed Bond Market Specialists.
