Government 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 (DDEP).

Based on the summary issuance report seen by JOYBUSINESS, government accepted GH¢2.7 billion out of the total bids.

Authorities also agreed to pay a coupon rate of 12.5% on the bond, which matures on March 29, 2033.

Analysts and industry watchers who spoke to JOYBUSINESS described the outcome as favourable and reflective of current market conditions.

They noted that the coupon rate is slightly better than the rate prevailing in the secondary market, where pre-DDEP bonds are currently trading.

Settlement for successful bids is scheduled for April 7, 2026. The bond is also expected to be listed on the Ghana Stock Exchange to support active trading.

The results are seen as a key step in reopening the domestic bond market, potentially paving the way for government to resume active long-term borrowing to finance development projects.

Government plans to raise GH¢15.231 billion through treasury bills and bonds between March and June 2026. The funds are expected to support budget implementation and roll over existing debt maturities.

Authorities also aim to build benchmark bonds through these issuances. “It is expected that the Issuance Calendar for March to June 2026 will provide market participants with clear guidance to inform their investment decisions.”

Background

On March 30, government officially launched the 7-year cedi-denominated bond, marking the first issuance of its kind since 2022.

The move follows the expiration of restrictions under the Domestic Debt Exchange Programme introduced in 2023 after Ghana’s debt default.

Investors were required to submit a minimum bid of GH¢50,000, with the bond open to both resident and non-resident participants.

Proceeds from the bond are expected to finance projects outlined in the 2026 budget.

Reasons for the Bond Auction

According to a circular accompanying the issuance, the government aims to re-establish a domestic funding programme.

The move is expected to support liquidity management and the refinancing of maturing obligations.

Authorities are also seeking to rebuild the sovereign yield curve, expand investment opportunities, and restore investor confidence.

The Finance Ministry indicated that participation will not be limited to pension funds, insurance companies, and asset managers.