Gov't is set to issue a 7-year cedi bond on March 30, first since 2022
The government is set to issue a 7-year cedi-denominated bond on March 30, 2026. The government is hoping to carry out initial pricing guidance as well as opening the book building on that same day. This is the first time since 2022 that the government is issuing a cedi-denominated bond after the expiration of the Domestic Debt Exchange Programme restrictions imposed in 2023.
The government is hoping to announce the expected interest to be paid on the bond on April 1, 2026, while settlement will also be done on April 7, 2026. Investors hoping to participate in the offer are allowed to target a minimum of GHC 50,000 in bids. The bond will be open to residents and non-resident investors. The government is hoping to use funds from the bond to finance some projects in the 2026 budget.
The government has settled on appointing six financial institutions to act as bond market specialists for the programme: Absa Bank Ghana, CalBank PLC, Fincap Securities, GCB Bank PLC, One Africa Securities, and Stanbic Bank Ghana. The government explained that it wants to re-establish a domestic funding program, supporting liquidity management and refinancing of maturing obligations. The government is also looking at rebuilding a sovereign yield curve, providing investment opportunities and restoring market confidence for retail and institutional investors. The finance ministry says it will not be restricted to pension funds, insurance companies and asset managers.
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The government of Ghana is preparing to issue a 7-year cedi-denominated bond. This marks a significant step after the Domestic Debt Exchange Programme - but what could it mean for the market?
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