The Ministry of Finance has set out a clear plan for issuing new Treasury bonds, the first since Ghana’s 2023 debt restructuring under the Domestic Debt Exchange Programme (DDEP).

In a circular dated March 26, 2026, the government outlined the structure and process for issuing new Treasury bonds, the first since the 2023 debt restructuring measures.

The bonds will be denominated in Ghana cedis and issued as senior unsecured instruments.

The minimum subscription has been set at GHC50,000, with additional bids allowed in multiples of GHC1,000. All securities will be held electronically, with no physical certificates issued.

Interest payments on the bonds will be made semi-annually, while principal repayment will typically occur as a single payment at maturity.

Pricing will be determined through a book-building auction via the Central Securities Depository system, allowing investors to bid based on price or yield, with successful bids cleared at a single rate.

Six institutions have been appointed as Bond Market Specialists to facilitate participation, including Absa Bank Ghana, CalBank PLC, Fincap Securities, GCB Bank PLC, One Africa Securities, and Stanbic Bank Ghana.

The bonds will also be listed on the Ghana Fixed Income Market of the Ghana Stock Exchange, providing secondary market trading and liquidity for investors.

The initiative aims to restore a sustainable domestic funding mechanism, refinance maturing debt, rebuild the sovereign yield curve, and expand investment options for both retail and institutional investors.

The government said proceeds from the bonds will support the budget, reduce reliance on short-term Treasury bills, and improve the overall maturity profile of Ghana’s public debt.

The Ministry of Finance reaffirmed its commitment to transparency, noting that detailed information on each issuance will be shared through official channels and the appointed intermediaries.