Ghana’s newest four‑year Treasury bond has attracted significant demand, with bids totaling GH¢4.46 billion as the government returned to the domestic debt market for funding.

The strong appetite allowed the government to raise GH¢3.15 billion at a yield of 12%, which was at the lower end of the expected 12%–13.5% range ahead of the auction.

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The government accepted about 70.57% of the total bids submitted, while the auction recorded a bid-to-cover ratio of 1.41 times.

The outcome points to continued investor interest in Ghana’s medium-term securities, particularly as the government secured the funds at a rate below the yield on its recent seven-year bond.

The four-year bond’s 12% yield is 50 basis points lower than the 12.50% yield on the seven-year government bond issued in March/April 2026.

The latest rate remains above the post-Domestic Debt Exchange Programme (DDEP) four-year secondary market reference rate of about 10.7%. The new bond therefore cleared about 130 basis points above that benchmark.

The cedi-denominated bond, which is expected to mature in 2030, was opened on September 1, 2026, through a book-building process. It was primarily targeted at resident investors, although non-residents were also eligible to participate.

The bond is expected to be listed on the Ghana Stock Exchange, with six other banks serving as active bond specialists to facilitate trading and improve market participation.

The latest auction adds to indications that investors remain willing to provide medium-term financing to government, even as they continue to price Ghana’s debt based on prevailing market and economic conditions.

ANAS/EB

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