Prior to this development, Ghana’s government had not issued a cedi-denominated bond since 2022, largely due to the restrictions imposed by the Domestic Debt Exchange Programme. This hiatus left investors with limited options for local currency investments, creating uncertainty in the market.
However, a decisive shift occurred when the government announced plans to issue a 7-year cedi-denominated bond on March 30, 2026. This marks a significant return to the bond market, as it is the first issuance following the expiration of the aforementioned restrictions. Investors are now allowed to target a minimum bid of GHC 50,000, which opens the door for both residents and non-resident investors to participate.
The expected interest rate on the bond will be revealed on April 1, 2026, and settlement for the bond is scheduled for April 7, 2026. This timeline indicates a structured approach to reintegrating cedi bonds into the financial landscape of Ghana.
In this new phase, the government has appointed six financial institutions, including Absa Bank Ghana and CalBank PLC, as bond market specialists to facilitate the issuance. This collaboration aims to enhance the efficiency and attractiveness of the bond offering.
The bonds will be listed and traded on the Ghana Fixed Income Market of the Ghana Stock Exchange, providing a regulated platform for investors. This move is part of the government’s broader public debt management strategy, aimed at re-establishing a domestic funding program.
Experts suggest that this issuance could revitalize investor confidence in Ghana’s financial markets, as it signals a commitment to improving domestic funding mechanisms. The return of cedi bonds may also provide a more stable investment option in the face of global economic uncertainties.
As the market awaits the interest announcement, stakeholders are keenly observing how this development will impact the overall investment climate in Ghana. The successful execution of this bond issuance could pave the way for future offerings and strengthen the country’s financial position.
Overall, this cedi bond issuance represents a critical juncture for Ghana’s economy, reflecting a shift towards more robust domestic financing options.
