The government raised GH¢3.15 billion in its 4-year bond auction at a “clearing yield” of 12%.

Market data obtained by JOYBUSINESS showed that the government received bids worth GH¢4.46 billion.

Official results of the bond auction released last night showed that the government allotted GH¢3.15 billion at a clearing yield of 12%.

The settlement of this 4-year bond is expected to be done on September 7, 2026.

Absa Bank, Calbank, Fincap GCB, OA and Stanbic were the six institutions that participated as active bond specialists for this offer.    

The 4-year bond is expected to mature on September 3, 2026.

Background

The government, through the Finance Ministry on Monday, September 1 2026, opened the 4-year bond auction, adopting the book building approach for investors to participate in offer.

The cedi-denominated offer, expected to mature on 2030, was primarily marketed to resident investors. It was, however, opened to non-resident investors and it is expected to be listed on the Ghana Stock Exchange.

This will be the first short-dated instrument being issued by this administration, after the issuance of the 7-year bond in April 2026.

The bond will have a face value of GH¢1 per denomination, while the minimum bid was set at GH¢50,000, with additional bids to be made in multiples of GH¢1,000.

Fixed Income Market Outlook

According to some market Analysts that JOYBUSINESS engaged, the market is expected to be relatively cool as the Government of Ghana seeks to raise GH¢6.55 billion across 19-day, 182-day and 364-day tenors, against maturing bills of GH¢4.64.