Omanghana
Ghana is preparing to return to the long-term domestic debt market with the issuance of a seven-year cedi-denominated bond, scheduled to open on March 30, 2026, and close on April 1, 2026. The move marks the country’s first such issuance since its debt default in late 2022 and follows the expiration of a three-year restriction tied to its restructuring program.
The bond, structured as a senior unsecured Treasury instrument denominated in Ghana cedis, will have a seven-year tenor. Initial pricing guidance is expected at the start of the offer period, with a minimum bid set at GH¢50,000 under the Domestic Bond Programme. The issuance is being coordinated by a group of financial institutions, including Absa Bank Ghana Ltd., CalBank Plc, Fincap Securities Ltd., GCB Bank Plc, One Africa Securities Ltd., and Stanbic Bank Ghana Ltd.
The government is targeting approximately 20.2 billion cedis in funding this year through medium- to long-term securities ranging from seven to ten years. The objective is to support budget financing while re-establishing a functional sovereign yield curve following the disruption caused by the debt crisis.
Ghana’s return to the bond market is underpinned by improving macroeconomic indicators. Inflation has declined sharply to around 3.3 percent, one of the lowest levels recorded in nearly three decades, while the central bank has reduced its policy rate to 14 percent to support economic recovery.
The country’s debt outlook is also showing signs of improvement, with the public debt-to-GDP ratio projected to fall to about 62.3 percent in 2026, down significantly from levels exceeding 90 percent during the 2022 crisis. The bond issuance is therefore seen as a key step in restoring investor confidence and stabilizing the domestic financial market.
Source: Omanghana
