The government is set to issue a 7-year cedi-denominated bond on March 30, 2026.

It's also hoping to carry out initial pricing guidance as well as opening the book building on that same day. 

The disclosure was captured in an Issuance Announcement Document picked by JOYBUSINESS from one of the financial institutions facilitating the offer. 

This is the first time since 2022 that the government is issuing a cedi-denominated bond after the expiration of the Domestic Debt Exchange Programme restrictions imposed in 2023. This was to prevent the government from issuing new bonds following the debt default.

The document showed that the government is hoping to announce the expected interest to be paid on the bond on April 1, 2026, while settlement will also be done on April 7, 2026. 

Details 

Investors hoping to participate in the offer are allowed to target a minimum of GHC 50, 000 in bids.

The bond will be open to residents and non-resident investors. 

The government is hoping to use funds from the bond to finance some projects in the 2026 budget. 

The government has settled on appointing six financial institutions to act as bond market specialists for the programme.

They are Absa Bank Ghana, CalBank PLC, Fincap Securities, GCB Bank PLC, One Africa Securities, and Stanbic Bank Ghana.

Reasons 

According to a circular accompanying the issuance document, the government explained that it is going ahead because it wants to re-establish a domestic funding program, supporting liquidity management and refinancing of maturing obligations

The government is also looking at rebuilding a sovereign yield curve, providing investment opportunities and restoring market confidence for retail and institutional investors.

The finance ministry says it will not be restricted to pension funds, insurance companies and asset managers.