Els: MBN360 News
The Ministry of Finance has unveiled a roadmap for Ghana’s return to the domestic bond market, signalling the resumption of long-term borrowing following the expiry of restrictions under the Domestic Debt Exchange Programme (DDEP).
In a circular dated March 26, 2026, the government detailed the structure and process for issuing new Treasury bonds, the first since the 2023 debt restructuring measures.
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.
The bonds will carry tenors announced per auction, with interest paid semi-annually and redemption typically structured as a bullet payment at maturity.
Pricing will be determined through an auction via the Central Securities Depository system using a book-building approach, with a minimum subscription of GH¢50,000 and additional bids in multiples of GH¢1,000. All securities will be issued in dematerialised form.
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Six institutions have been appointed as Bond Market Specialists, including Absa Bank Ghana, CalBank PLC, Fincap Securities, GCB Bank PLC, One Africa Securities, and Stanbic Bank Ghana, through which investors can participate.
The bonds will be listed on the Ghana Fixed Income Market of the Ghana Stock Exchange, allowing secondary market trading.
The initiative is aimed at restoring a domestic funding mechanism, refinancing maturing debt, rebuilding the sovereign yield curve, and expanding investment options for retail and institutional investors.
Proceeds from the bonds will support the budget and reduce reliance on short-term Treasury bills, improving the maturity profile of Ghana’s public debt.
The Ministry of Finance said it will continue to engage investors transparently and provide further issuance details through official channels and appointed intermediaries.
