Government’s newly introduced four-year fixed-rate bond has attracted strong investor interest, with GH¢4.46 billion in bids recorded at its latest auction.
Of the total amount tendered, the government accepted GH¢3.15 billion, representing an acceptance rate of 70.57% and a bid-to-cover ratio of 1.41 times.
According to the latest auction results from the Bank of Ghana, the bond cleared at a yield of 12.00%, at the lower end of pre-auction market expectations of between 12.00% and 13.50%.
Bond Clears Below Seven-Year Benchmark
The clearing yield was approximately 130 basis points above the post-Domestic Debt Exchange Programme (DDEP) four-year secondary market reference rate of about 10.7%.
However, it remained 50 basis points below the 12.50% yield on the seven-year government bond issued in March/April 2026.
The auction outcome points to continued institutional demand for medium-term government securities, even as investors maintain strong interest in shorter-dated Treasury instruments.
Four-Year Bond Opens to Investors
The government opened the four-year bond offer on September 1, 2026, using a book-building approach to allow investors to participate in the issuance.
The Ghana cedi-denominated Treasury bond is expected to mature in 2030 and is intended to raise funding from the domestic debt market.
The offer was primarily targeted at resident investors, although non-resident investors were also eligible to participate. The bond is expected to be listed on the Ghana Stock Exchange.
Six Institutions Serve as Bond Specialists
Six financial institutions participated as active bond specialists for the offer:
- Absa Bank
- CalBank
- Fincap Securities
- GCB Bank
- OA Capital
- Stanbic Bank
The issuance marks the first short-dated bond offered under the current administration, following the issuance of a seven-year bond in April 2026.
Minimum Bid Set at GH¢50,000
The bond has a face value of GH¢1 per denomination, with the minimum bid set at GH¢50,000.
Additional bids could be submitted in multiples of GH¢1,000.
The strong subscription at the auction signals continued investor appetite for government securities, particularly instruments offering medium-term exposure amid evolving conditions in Ghana’s domestic debt market.
