The government is set to open the book-build for a new four-year cedi-denominated Treasury Bond on Tuesday, September 1, 2026, as it seeks to raise funds from investors through the domestic capital market.

The issuance, announced by the Bank of Ghana (BoG) in Notice No. BG/FMD/2026/43, will mature in 2030 and will be issued by the country as a senior unsecured instrument.

The announcement, dated August 29, 2026, was signed by the Secretary of the Bank of Ghana, Aimee Vyda Quashie.

The bond will primarily be marketed to resident investors but will also be open to non-resident investors, with the securities expected to be listed on the Ghana Stock Exchange (GSE).

Book-build starts September 1

The book-build will open at 9 a.m. on Tuesday, September 1, following the release of the initial pricing guidance on the same day.

The Bank of Ghana said revised and final pricing guidance would be issued as necessary during the book-build on Thursday, September 3, when the books are expected to close at about 3 p.m.

Final pricing and allocation are scheduled for Monday, September 7, which will also serve as the settlement and issue date.

Unlike a fixed-rate auction announced with a predetermined coupon, the issue will use a book-build format, with investors submitting bids on a yield percentage basis.

The BoG said all successful bids would clear at a single clearing level, with discretionary allocation at that level in the event of an oversubscription.

Minimum bid set at GH¢50,000

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

The instrument will be backed by the Republic of Ghana as a senior unsecured obligation, with principal repayment structured on a bullet basis, meaning the principal is scheduled to be repaid at maturity rather than through periodic amortisation.

Six institutions have been named as active bond market specialists for the transaction: Absa, CalBank, Fincap, GCB, OA and Stanbic.