The Government of Ghana, through the Ministry of Finance, has announced its return to the domestic bond market, inviting banks, pension funds, insurance companies, and other institutional investors to participate in funding government spending.
The move marks a significant step in re-establishing a local borrowing programme following the conclusion of restrictions under the Domestic Debt Exchange Programme (DDEP).
According to the Domestic Bond Programme Circular released on 26 March 2026, the bonds will be issued in Ghana Cedis, with interest payments made semi-annually and full repayment at maturity. Prospective investors are required to participate through the government’s appointed Bond Market Specialists, including Absa Bank Ghana, CalBank, Fincap Securities, GCB Bank, One Africa Securities, and Stanbic Bank Ghana.
The circular emphasizes the government’s objectives, stating that the issuance forms part of a broader public debt management strategy aimed at “re-establishing a domestic funding programme; supporting liquidity management and refinancing of maturing obligations; rebuilding a Sovereign yield curve; and providing investment opportunities and restoring market confidence.”
It also underlines the targeted investor base, noting that recipients of the circular are “relevant persons, being sophisticated investors with sufficient knowledge and experience in evaluating credit and market risk.”
On the process of the auction, the circular explains: “Bids accepted on a yield (%) or price basis as applicable. All successful bids will clear at a single clearing level in the instance of new issuances or at the accepted price in the instance of re-taps. Discretionary allocation in the event of over-subscription.”
Settlement will occur through the Central Securities Depository in dematerialized book-entry form, with no physical certificates issued. Following issuance, the bonds will be eligible for trading on the Ghana Fixed Income Market of the Ghana Stock Exchange.
The Ministry of Finance reaffirmed its commitment to transparent engagement with investors, promising that “further issuance details will be communicated officially to the market through the Ministry of Finance and the appointed Bond Market Specialists.”
