The Ministry of Finance has formally launched the framework for Ghana’s re-entry into the domestic bond market, issuing a comprehensive programme circular that outlines the terms and process for the issuance of new Treasury Bonds following the expiration of a three-year restriction on long-term borrowing.
The Domestic Bond Programme Circular, dated March 26, 2026, provides prospective investors with key details of the government’s plan to issue senior unsecured Treasury Bonds denominated in Ghana cedis, marking the first such issuance since the Domestic Debt Exchange Programme (DDEP) restrictions were imposed in 2023.
The circular, distributed through the appointed Bond Market Specialists, confirms that the Republic of Ghana, acting through the Ministry of Finance, intends to re-establish a domestic funding programme as part of its broader public debt management strategy.
“Following the expiration of the DDEP-induced restrictions on new bond securities, the Republic of Ghana through the Ministry of Finance intends to re-enter the domestic bond market,” the circular states.
According to the circular, the bonds to be issued will be senior unsecured Treasury Bonds, with tenors to be confirmed per auction notice. Interest will be paid semi-annually, with redemption structured as bullet repayment at maturity unless otherwise prescribed in subsequent issuance documentation.
The coupon rate will be determined through an auction process conducted via the Central Securities Depository auction system, using a bookbuilding format. Bids may be accepted on a yield or price basis, with all successful bids clearing at a single clearing level for new issuances, while re-taps will be cleared at the accepted price.
The minimum bid is set at GH¢50,000, with integral multiples of GH¢1,000 thereafter. Settlement will occur on the specified date through the CSD, with securities issued in dematerialised form and recorded in book-entry accounts. No physical certificates will be issued.
Bond market specialists appointedThe Ministry of Finance has appointed six financial institutions to act as Bond Market Specialists for the programme: Absa Bank Ghana, CalBank PLC, Fincap Securities, GCB Bank PLC, One Africa Securities, and Stanbic Bank Ghana. Prospective investors are required to participate in the issuance through these appointed specialists.
The circular notes that the bonds will be listed and traded on the Ghana Fixed Income Market of the Ghana Stock Exchange, providing liquidity for investors in the secondary market.
Government’s debt management objectivesThe circular outlines four key objectives guiding the bond issuance programme: re-establishing a domestic funding programme, supporting liquidity management and refinancing of maturing obligations, rebuilding a sovereign yield curve, and providing investment opportunities for retail and institutional investors including banks, pension funds, insurance companies, and asset managers.
The issuance forms part of the government’s broader public debt management strategy, which the ministry says is supported by a robust medium-term framework and significant fiscal buffers.
“The issuance of bond securities forms part of the Government of Ghana’s broader public debt management strategy,” the circular states.
The Ministry of Finance has committed to transparent engagement with market participants, stating that further issuance details will be communicated officially to the market through the ministry and the appointed Bond Market Specialists.
The circular includes a disclaimer clarifying that the document has been prepared by the Republic of Ghana through the Ministry of Finance and is being distributed to investors in connection with the re-entry into the domestic bond market. Recipients are deemed to acknowledge that they are sophisticated investors with sufficient knowledge and experience in evaluating credit and market risk, and that they will conduct their own independent assessment and due diligence.
The government reserves the right, in the event of any significant new factor, material mistake, or inaccuracy affecting the information in the circular, to prepare a supplement or publish a new circular for subsequent issuances.
Proceeds from the bond issuance will be applied towards budgetary support, according to the circular. The programme is expected to significantly reduce the government’s reliance on short-term Treasury bills, which had increased sharply during the restructuring period, exposing the state to rollover risks and higher short-term borrowing pressures.
The return to longer-dated domestic bonds is seen as a move to lengthen the maturity profile of public debt and provide greater stability to the domestic market, with the government noting that it has honoured every coupon payment and obligation under restructured bonds since 2025.
source: graphiconline
