The Government of Ghana is set to open the book-build for a new four-year cedi-denominated Treasury Bond on Tuesday, September 1, 2026, as authorities seek to raise funds from investors through the country’s domestic capital market.
The new Ghana Treasury Bond, which is scheduled to mature in 2030, will be issued as a senior unsecured obligation of the Republic of Ghana. The investment opportunity will primarily target resident investors, although eligible non-resident investors will also be allowed to participate.
The securities are expected to be listed on the Ghana Stock Exchange (GSE), providing investors with an avenue to trade the government-backed instrument after issuance.
Bank of Ghana Announces New Treasury Bond
The Bank of Ghana (BoG) announced the Treasury Bond issuance in Notice No. BG/FMD/2026/43 dated August 29, 2026. The notice was signed by the Secretary of the Bank, Aimee Vyda Quashie.
The book-building process will begin at 9:00 a.m. on Tuesday, September 1, 2026, with initial pricing guidance expected to be released on the same day.
Unlike traditional Treasury Bond auctions where the coupon rate is determined in advance, the new bond will use a book-building process. Under this arrangement, investors will submit bids based on the yield they are prepared to accept.
The Bank of Ghana may issue revised or final pricing guidance depending on investor demand during the offer period.
When Will the Ghana Treasury Bond Book-Build Close?
The order book is expected to close at approximately 3:00 p.m. on Thursday, September 3, 2026.
Final pricing and allocation are scheduled for Monday, September 7, which will also serve as the settlement and official issue date of the Treasury Bond.
The book-building structure allows the government to assess market demand before determining the final clearing yield.
All successful bids will be allocated at a single clearing yield. If demand exceeds the amount available for allocation at that yield, the issuer may exercise discretionary allocation.
Minimum Investment for the 2030 Treasury Bond
The new government security will have a face value of GH¢1 per denomination, but investors will be required to submit a minimum bid of GH¢50,000.
Additional bids must be submitted in increments of GH¢1,000, allowing investors to increase their holdings above the minimum subscription amount.
This means prospective investors should have access to at least GH¢50,000 to participate in the book-building process, subject to the applicable terms and allocation conditions.
How the Ghana Treasury Bond Will Be Repaid
The Treasury Bond is structured as a senior unsecured obligation of the Republic of Ghana. This means repayment is backed by the sovereign rather than by specific collateral attached to the bond.
The principal will be repaid on a bullet basis, meaning investors will receive the full principal amount at maturity in 2030 rather than receiving periodic principal repayments during the four-year investment period.
The structure provides investors with another option within Ghana’s government securities and fixed-income investment market.
Bond Market Specialists for the Transaction
Six financial institutions have been appointed as active Bond Market Specialists for the Treasury Bond transaction. They are:
- Absa
- CalBank
- Fincap
- GCB
- OA
- Stanbic
These institutions are expected to facilitate investor participation while supporting the distribution and trading of the securities within Ghana’s domestic capital market.
New Investment Opportunity for Ghanaian Investors
The new four-year Treasury Bond forms part of the government’s broader efforts to mobilise domestic financing and deepen Ghana’s capital market.
For investors, the issuance provides another opportunity to participate in the Ghana government bond market through a sovereign fixed-income instrument.
The book-building process will make investor demand a key factor in determining the final yield, with pricing expected to reflect the bids submitted during the offer period.
Investors interested in the new 2026 Ghana Treasury Bond should therefore pay close attention to the pricing guidance, subscription requirements, allocation process and final yield announced during the book-build.
Source: newsthemegh.com