The Bank of Ghana (BoG) has announced plans for the government to issue a new four-year Ghana cedi-denominated Treasury bond in September 2026 to raise funds from the domestic debt market.
According to an issuance announcement by the central bank, the size of the bond will be determined through a book-building process, with the instrument scheduled to mature in 2030.
The bond, to be issued by the Republic of Ghana, will have a bullet principal repayment structure and will be listed on the Ghana Stock Exchange.
The offer will be marketed to resident investors and will also be open to non-resident investors, with a minimum bid of GH¢50,000 and multiples of GH¢1,000 thereafter.
The Bank of Ghana said initial pricing guidance for the issuance would be released on Tuesday, September 1, 2026, when the book-building process would open at 9:00 a.m.
Revised and final pricing guidance will be issued as necessary during the book-building process, with the books expected to close at around 3:00 p.m. on Thursday, September 3.
Final pricing and allocation will subsequently be determined, while settlement and the issue date are scheduled for Monday, September 7, 2026.
The issuance will be conducted through a book-build format, with investors expected to submit bids on a yield basis.
According to the announcement, all successful bids will clear at a single clearing level, while allocations at that level may be discretionary in the event of an oversubscription.
The active bond market specialists for the transaction are Absa, CalBank, Fincap, GCB, OA and Stanbic.
