The government is set to open the book-build for a new four-year cedi-denominated Treasury Bond on Tuesday, September 1, 2026, as it seeks to mobilise funds from investors through the domestic capital market.
The bond, which will mature in 2030, is being issued as a senior unsecured obligation of the Republic of Ghana and will be primarily marketed to resident investors, although non-resident investors will also be eligible to participate.
The securities are expected to be listed on the Ghana Stock Exchange (GSE).
The issuance was announced by the Bank of Ghana (BoG) in Notice No. BG/FMD/2026/43, dated August 29, 2026, and signed by the Secretary of the Bank, Aimee Vyda Quashie.
Book-build opens Tuesday
The book-build will commence at 9 a.m. on September 1, following the release of the initial pricing guidance on the same day.
Unlike conventional fixed-rate Treasury auctions in which a coupon is predetermined, the new bond will be priced through a book-building process, with investors submitting bids based on the yield percentage they are willing to accept.
The BoG said revised and final pricing guidance would be issued where necessary as investor demand emerges during the book-building exercise.
The order book is expected to close at approximately 3 p.m. on Thursday, September 3, with final pricing and allocation scheduled for Monday, September 7.
September 7 will also serve as the settlement and issue date for the bond.
The structure allows the authorities to gauge investor demand and determine a single clearing yield based on bids submitted during the offer period.
The BoG said all successful bids would be allocated at a single clearing level. Where demand exceeds the amount available for allocation at that level, the issuer may apply discretionary allocation.
Minimum investment at GH¢50,000
The bond has a face value of GH¢1 per denomination, but investors will be required to submit a minimum bid of GH¢50,000.
Additional bids must be made in increments of GH¢1,000, providing investors with flexibility to increase their holdings above the minimum subscription threshold.
The instrument is structured as a senior unsecured obligation of the Republic, meaning repayment is backed by the sovereign rather than specific collateral.
Principal repayment will be made on a bullet basis, with the full principal due at maturity in 2030 rather than being amortised periodically over the four-year tenor.
6 bond market specialists appointed
Six institutions have been designated as active Bond Market Specialists for the transaction. They are Absa, CalBank, Fincap, GCB, OA and Stanbic.
The institutions are expected to facilitate investor participation and support the distribution and trading of the securities within Ghana’s domestic capital market.
The new Treasury Bond adds to the government’s efforts to mobilise domestic financing while providing investors with another sovereign fixed-income instrument.
The book-building format will make investor demand and pricing an important feature of the transaction, with the final yield expected to reflect the bids received during the offer period.
