Ghana has taken a significant step toward restoring confidence in its domestic debt market after securing strong investor interest in its first long-term bond issuance since the Domestic Debt Exchange Programme (DDEP).
The government raised GH¢2.7 billion from a total GH¢3.1 billion in bids during a 7-year cedi-denominated bond auction, signaling renewed appetite among investors for longer-term instruments. The bond carries a 12.5% coupon rate and is set to mature in March 2033.
Market analysts have described the outcome as encouraging, noting that the pricing compares favourably with rates on existing bonds in the secondary market. The successful issuance is seen as a key milestone in reopening the domestic bond market, which had been largely dormant since the debt restructuring exercise.
The bond, open to both local and foreign investors with a minimum bid of GH¢50,000, is expected to be listed on the Ghana Stock Exchange to enhance liquidity and trading activity.
Proceeds from the issuance will support government financing needs, including the implementation of the 2026 budget and the refinancing of existing debt. Authorities also aim to use the programme to rebuild the sovereign yield curve and provide clearer guidance to investors.
The bond sale forms part of a broader plan by government to raise over GH¢15 billion through treasury bills and bonds between March and June 2026, as it works to stabilise the market and strengthen long-term funding options.
