The Government of Ghana is scheduled to commence the book building process for a new four year cedi denominated Treasury Bond on Tuesday, September 1, 2026, as authorities seek to mobilise additional financing from investors through the domestic capital market.
The new security, which is expected to mature in 2030, has been announced by the Bank of Ghana through Notice No. BG/FMD/2026/43. The instrument will be issued as a senior unsecured obligation of the Republic of Ghana and is expected to provide the government with another avenue for raising funds within the domestic financial market.
The notice, dated August 29, 2026, was signed by the Secretary of the Bank of Ghana, Aimee Vyda Quashie.
The Treasury Bond will primarily be offered to investors resident in Ghana, although non resident investors will also be permitted to participate in the transaction. Following the issuance, the securities are expected to be listed on the Ghana Stock Exchange, thereby providing investors with an avenue to trade the instrument in the secondary market.
Book Building Begins September 1
The book building exercise is scheduled to begin at 9 a.m. on Tuesday, September 1, with the initial pricing guidance expected to be released on the same day.
As investor demand develops throughout the process, the Bank of Ghana may issue revised pricing guidance before announcing the final terms of the transaction. The order book is scheduled to close at approximately 3 p.m. on Thursday, September 3.
Final pricing and allocation are expected to be completed on Monday, September 7. The same date will serve as the settlement and issue date for the Treasury Bond.
Unlike a conventional fixed rate Treasury Bond auction in which the coupon is generally determined before investors submit their bids, the new instrument will be offered through a book building mechanism.
Under this arrangement, prospective investors will submit their bids according to the yield they are prepared to accept. This approach allows the authorities and transaction managers to assess investor demand and determine the appropriate clearing yield based on the orders received during the offering period.
The Bank of Ghana explained that all successful bids would be settled at a single clearing level. However, should demand exceed the amount available for allocation, the authorities would have discretion to determine allocations among investors whose bids are accepted at that clearing level.
Minimum Investment Set at GH¢50,000
The face value of each bond denomination has been established at GH¢1, while investors seeking to participate in the book building will be required to submit a minimum bid of GH¢50,000.
Any additional bids above the minimum threshold will have to be submitted in increments of GH¢1,000.
The structure means that the transaction is principally designed to attract investors with substantial capital to deploy into Ghana’s fixed income market, while also allowing eligible investors to increase their positions in clearly defined increments.
The bond will constitute a senior unsecured obligation backed by the Republic of Ghana. Its principal repayment will be structured on a bullet basis, meaning investors will receive repayment of the principal amount at maturity rather than having the capital progressively amortised throughout the life of the security.
With the instrument scheduled to mature in 2030, investors who hold the bond until maturity will therefore receive the principal repayment at the designated maturity date, subject to the terms of the final issuance.
Six Institutions Named as Bond Market Specialists
The Bank of Ghana has identified six institutions to serve as active bond market specialists for the transaction.
The institutions are Absa, CalBank, Fincap, GCB, OA and Stanbic.
Their involvement is expected to support the distribution and market development of the new Treasury Bond while facilitating participation by eligible investors within Ghana’s domestic fixed income market.
The latest issuance comes as the government continues to utilise the domestic capital market as an important component of its broader financing strategy. Through the book building exercise, the authorities will be able to gauge investor appetite for Ghanaian government securities while determining the yield at which the new four year instrument can successfully attract funding.
The September transaction will therefore provide an important indication of prevailing investor demand for cedi denominated government debt and the level of returns investors are seeking to commit funds to Ghana’s domestic bond market.
