Accra: The Bank of Ghana (BoG) has announced that the government will issue a new four-year, Ghana cedi-denominated Treasury bond in September 2026 to raise funds from the domestic debt market. The bond, which will mature in 2030, will be issued by the Republic of Ghana and features a "bullet" repayment structure. This means that the full principal amount will be repaid in one lump sum at maturity, rather than in instalments over the bond's life. Additionally, the bond will be listed on the Ghana Stock Exchange, enabling it to be bought and sold prior to maturity.
According to Ghana Web, the final size of the bond has not been predetermined. Instead, it will be determined through a book-building process, where the government assesses investor demand and pricing before settling on the total amount to be raised. The offer is open to both resident and non-resident investors, with a minimum investment requirement of GHS50,000 and additional investments allowed in multiples of GHS1,000.
The BoG has detailed the process, stating that initial pricing guidance, which provides an early indication of the interest rate (yield) investors can expect, will be released on Tuesday, September 1, 2026, when the book-building process begins at 9:00 a.m. This guidance may be adjusted as the process proceeds, based on investor response. The book will close at approximately 3:00 p.m. on Thursday, September 3, after which the final pricing and allocation of the bond will be determined. Investors will submit bids based on the yield they are willing to accept, as opposed to a fixed price.
All successful bids will be settled at a single, uniform interest rate, meaning every investor allotted bonds will receive the same yield, regardless of their individual bid. However, if the bond is oversubscribed, the government may use discretion in deciding allocations among bidders. Settlement and the official issue date are scheduled for Monday, September 7, 2026.
The transaction will be managed by a group of appointed active bond market specialists, including Absa, CalBank, Fincap, GCB, OA, and Stanbic.