The Ministry of Finance has outlined a detailed roadmap for Ghana’s return to the domestic bond market, signalling the resumption of long-term borrowing after the expiration of restrictions imposed under the Domestic Debt Exchange Programme (DDEP).
In a programme circular dated March 26, 2026, the government set out the structure and processes for issuing new Treasury bonds, marking its first such move since the 2023 debt restructuring measures. The document indicates that the bonds will be denominated in Ghana cedis and issued as senior unsecured instruments.
“Following the expiration of the DDEP-induced restrictions on new bond securities, the Republic of Ghana, through the Ministry of Finance, intends to re-enter the domestic bond market,” the circular states.
Bond Structure and Issuance Process
According to the circular, the bonds will carry tenors to be announced per auction, with interest payments made semi-annually. Redemption will typically be structured as a bullet payment at maturity unless otherwise specified.
Pricing will be determined through an auction conducted via the Central Securities Depository system using a book-building approach. Investors will be able to submit bids based on yield or price, with successful bids clearing at a single level for new issuances.
The minimum subscription has been set at GH¢50,000, with additional bids in multiples of GH¢1,000. All securities will be issued in dematerialised form and held electronically, with no physical certificates provided.
Market Participation and Trading
To facilitate the programme, six institutions have been appointed as Bond Market Specialists: Absa Bank Ghana, CalBank PLC, Fincap Securities, GCB Bank PLC, One Africa Securities, and Stanbic Bank Ghana.
The circular indicates that investors are required to access the bond issuance through these intermediaries.
The bonds will be listed on the Ghana Fixed Income Market of the Ghana Stock Exchange, enabling secondary market trading and liquidity for investors.
Debt Management Strategy
The circular outlines key objectives behind the programme, including restoring a domestic funding mechanism, managing liquidity, refinancing maturing debt, rebuilding the sovereign yield curve, and expanding investment options for both retail and institutional investors.
“The issuance of bond securities forms part of the Government of Ghana’s broader public debt management strategy,” the circular states.
Authorities say the initiative is supported by a medium-term fiscal framework and improved financial buffers, following the country’s restructuring efforts.
Restoring Market Confidence
Proceeds from the bond issuance will be used for budgetary support while also helping to reduce reliance on short-term Treasury bills, which surged during the restructuring period and increased rollover risks.
The return to longer-dated bonds is expected to improve the maturity profile of Ghana’s public debt and bring greater stability to the domestic financial market. The government also noted that it has met all coupon payments and obligations on restructured bonds since 2025.
The Ministry has pledged ongoing transparency in its engagement with investors, indicating that further details of each issuance will be communicated through official channels and the appointed Bond Market Specialists.
