The Government of Ghana is set to issue a 7-year cedi-denominated bond on March 30, 2026, marking its return to the domestic bond market after a hiatus linked to the Domestic Debt Exchange Programme (DDEP.

According to an Issuance Announcement Document sighted by Classfmonline.com, the government will also provide initial pricing guidance and open the book-building process on the same day.

This will be the first issuance of a cedi-denominated bond since 2022, following restrictions imposed in 2023 under the debt restructuring programme, which temporarily halted new bond issuances after Ghana’s debt default.

Per the document, the government is expected to announce the final interest rate for the bond on April 1, 2026, with settlement scheduled for April 7, 2026.

Investors participating in the offer will be required to make a minimum bid of GHS 50,000.

The bond will be accessible to both resident and non-resident investors.

Proceeds from the bond issuance are expected to be channelled into financing projects outlined in the 2026 national budget.

To facilitate the process, the government has appointed six financial institutions as bond market specialists.

These include Absa Bank Ghana, CalBank PLC, Fincap Securities, GCB Bank PLC, One Africa Securities, and Stanbic Bank Ghana.

In a circular accompanying the announcement, the government indicated that the bond issuance forms part of efforts to re-establish a domestic funding programme, improve liquidity management, and refinance maturing debt obligations.

Additionally, authorities aim to rebuild the sovereign yield curve, expand investment opportunities, and restore confidence in the financial markets among both retail and institutional investors.

The Ministry of Finance further noted that participation in the bond will not be limited to pension funds, insurance companies, and asset managers, signalling a broader investor base for the programme.