The Government of Ghana has successfully secured GH¢3.1 billion in bids during its first 7-year cedi-denominated bond auction since the implementation of the Domestic Debt Exchange Programme (DDEP).
According to a summary issuance report, authorities accepted GH¢2.7 billion of the total bids submitted. The government agreed to a coupon rate of 12.5% for the bond, which is set to mature on March 29, 2033.
Industry watchers and analysts have characterized the auction results as favorable, noting that the coupon rate is slightly more competitive than rates currently seen in the secondary market for pre-DDEP bonds. Successful bids are expected to be settled on April 7, 2026, with the bond subsequently listed on the Ghana Stock Exchange to facilitate active trading.
This auction is viewed as a significant move toward reopening the domestic bond market, allowing the government to resume long-term borrowing for development projects. Between March and June 2026, the government intends to raise GH¢15.231 billion through bonds and treasury bills to support the national budget and manage existing debt maturities.
Regarding the strategy, the government stated, “It is expected that the Issuance Calendar for March to June 2026 will provide market participants with clear guidance to inform their investment decisions.”
Launched on March 30, this 7-year bond is the first of its kind since 2022, following the end of restrictions tied to the 2023 DDEP. The auction was open to both resident and non-resident investors with a minimum bid requirement of GH¢50,000.
Proceeds from the issuance are earmarked for projects in the 2026 budget. A circular accompanying the bond noted that the government aims to re-establish its domestic funding program, manage liquidity, and refinance maturing obligations. Additionally, authorities seek to rebuild the sovereign yield curve and restore investor confidence across various sectors, including pension funds, insurance companies, and asset managers.