The Government of Ghana has successfully raised GH¢2.7 billion from investors in its first 7-year cedi-denominated bond auction since the Domestic Debt Exchange Programme (DDEP).
According to a summary issuance report seen by JoyBusiness, total bids reached GH¢3.1 billion, with authorities accepting GH¢2.7 billion. The bond carries a coupon rate of 12.5 percent and is set to mature on March 29, 2033.
Market analysts have described the outcome as favourable, noting that the coupon rate is slightly better than prevailing rates on the secondary market, where pre-DDEP bonds are currently trading. Settlement for successful bids is scheduled for April 7, 2026.
The bond is also expected to be listed on the Ghana Stock Exchange to support liquidity and active trading.
The successful issuance is seen as a significant step toward reopening Ghana’s domestic bond market, potentially enabling the government to resume long-term borrowing to finance development projects.
Authorities plan to raise GH¢15.231 billion through treasury bills and bonds between March and June 2026. The funds will be used to support budget implementation and refinance maturing debt obligations.
The government also aims to rebuild benchmark bonds through the issuance programme, providing clearer guidance to market participants and strengthening investor confidence.
The 7-year bond was officially launched on March 30, marking Ghana’s first issuance of its kind since 2022. The move follows the expiration of restrictions imposed under the DDEP, which was introduced in 2023 after the country’s debt default.
Investors were required to submit a minimum bid of GH¢50,000, with the offer open to both resident and non-resident participants.
According to the Ministry of Finance, the bond programme is designed to re-establish a sustainable domestic funding framework, support liquidity management, and rebuild the sovereign yield curve while expanding investment opportunities.
