The Bank of Ghana (BoG) has announced that the government will issue a new four-year, Ghana cedi-denominated Treasury bond in September 2026 to raise funds from the domestic debt market. What Investors Need to Know

The bond will mature in 2030 and will be issued by the Republic of Ghana. It carries a "bullet" repayment structure, meaning the full principal amount will be paid back in one lump sum at maturity, rather than in instalments over the life of the bond. The bond will also be listed on the Ghana Stock Exchange, allowing it to be bought and sold before maturity.

The final size of the bond has not been fixed. Instead, it will be determined through a process called book-building, where the government gauges investor demand and pricing before settling on the total amount to be raised.

The offer is open to both resident and non-resident investors. The minimum investment is GH¢50,000, with additional amounts allowed in multiples of GH¢1,000.

How the Process Will Work

According to the BoG, initial pricing guidance — an early indication of the interest rate (yield) investors can expect — will be released on Tuesday, September 1, 2026, when the book-building process opens at 9:00 a.m. This guidance may be revised as the process continues, based on how investors respond.

The book will close at around 3:00 p.m. on Thursday, September 3, after which the final pricing and allocation of the bond will be determined. Investors submit their bids based on the yield (return) they are willing to accept, rather than a fixed price.

All successful bids will be settled at a single, uniform interest rate — meaning every investor who is allotted bonds gets the same yield, regardless of what they individually bid. However, if the bond is oversubscribed (demand exceeds the amount on offer), the government may use discretion in deciding how allocations are distributed among bidders.

Settlement, and the official issue date, is scheduled for Monday, September 7, 2026.

Who Is Managing the Sale

The transaction will be handled by a group of appointed active bond market specialists: Absa, CalBank, Fincap, GCB, OA and Stanbic.