The government has raised GH¢3.15 billion from its new four-year fixed-rate bond after investors submitted bids worth GH¢4.46 billion at the latest auction.
The amount accepted represents about 70.57% of total bids, with the auction recording a bid-to-cover ratio of 1.41 times.
According to the latest results from the Bank of Ghana, the bond cleared at a yield of 12.00%, which was at the lower end of the 12.00% to 13.50% range expected by the market before the auction.
The 12.00% clearing yield was about 130 basis points higher than the post-Domestic Debt Exchange Programme (DDEP) four-year secondary market reference rate of around 10.7%. It was, however, 50 basis points lower than the 12.50% yield on the government’s seven-year bond issued in March/April 2026.
The strong investor response points to continued institutional demand for medium-term government securities, even as investors maintain their appetite for shorter-term Treasury instruments.
The four-year bond was opened on September 1, 2026, through a book-building process designed to allow investors to participate in the issuance. The cedi-denominated bond is expected to mature in 2030 and is aimed at raising funds from the domestic debt market.
The offer was mainly targeted at resident investors but was also made available to non-resident investors. The bond is expected to be listed on the Ghana Stock Exchange.
Six institutions Absa Bank, CalBank, Fincap Securities, GCB Bank, OA Capital and Stanbic Bank participated as active bond specialists for the issuance.
The transaction is the first shorter-dated bond issued by the current administration, following the seven-year bond floated in April 2026.
The bond has a face value of GH¢1 per denomination, with a minimum bid of GH¢50,000. Investors could make additional bids in multiples of GH¢1,000.
