Accra: The successful issue of two sets of corporate bonds on the Ghana Fixed Income Market (GFIM) by Petrosol Platinum Energy PLC on August 19 has sparked a significant wave of new corporate bond issuances expected over the next year. The first of these new bonds is anticipated to reach the market as early as next week.
According to Ghana Web, Petrosol PLC's five-year senior unsecured notes, issued at a fixed 17 percent coupon rate and due for redemption on August 13, 2031, were oversubscribed. In addition, the company issued four-year bonds at a fixed 16.50 percent coupon rate, scheduled for redemption in August 2030, as part of its newly established GHS200 million note programme.
Both bonds are currently offering slightly higher yields to investors on the secondary market, ranging between 17 percent and 18.50 percent for the five-year notes and between 16.50 percent and 17.17 percent for the four-year bonds. Notably, the coupon rates secured by Petrosol are significantly lower than those obtained by companies issuing corporate bonds in 2024 and 2025. This reduction is attributed to Ghana's descending yield curve, driven by falling interest rates and the relatively low coupon rates secured by the government for its recent bond issuances.
Consequently, corporate paper issued in 2026, such as Petrosol's, benefited from tighter pricing in the range of 16.5 percent to 17.0 percent. In contrast, earlier issuances like Kasapreko's January 2024 bonds locked in rates as high as 26.00 percent, while Izwe Savings and Loans and Bayport Financial Services secured rates of 23.00 percent and 24.50 percent, respectively.
Several prominent entities in Ghana have announced plans to raise capital through the GFIM corporate bond and debt securities pipeline between late September 2026 and the end of 2027. The Ghana Cocoa Board (COCOBOD) is set to return to the domestic capital market next week, aiming to raise the cedi equivalent of approximately US$1 billion across three phases to finance its upcoming crop season operations.
Petrosol Platinum Energy PLC is also preparing for further issuances. Following the successful launch of its first GHS100 million corporate bond in late August 2026, the company has initiated a GHS200 million note programme. The remaining tranches of this program will be listed through late 2026 and into 2027 to continue funding its retail network expansion and working capital.
Additionally, a selected pipeline of state companies in the infrastructure and technology sectors, backed by the State Interests and Governance Authority (SIGA) and the Ghana Stock Exchange, are preparing to roll out debt and equity instruments across the 2026-2027 horizon. Existing corporate bond programme issuers in the micro-finance and savings and loans sector, like Izwe Savings and Loans PLC, Letshego Ghana PLC, and Bayport Savings and Loans, are positioned to tap the market for subsequent tranches through 2027.
Corporate bonds on the GFIM typically trade closer to par or at slight discounts. The current yields for historical bonds, which were issued at over 23 percent, trade at a yield premium over new paper due to limited secondary market sell-offs by long-term institutional pension fund holders.
As corporate bonds become an attractive financing option in Ghana, several companies that are starting their approval and bond issuance processes from scratch are preparing to join the trend as well.