Government raises GH¢3.15bn in 4-year bond at 12%

On September 1, 2026, the government of Ghana successfully conducted a 4-year bond auction, raising a total of GH¢3.15 billion through the sale at a clearing yield of 12%. The auction, which took place using a book-building approach, was primarily aimed at resident investors but was also open to non-resident investors. The government received bids worth GH¢4.46 billion, with six major banks - Absa Bank, Calbank, Fincap GCB, OA, and Stanbic - participating as active bond specialists.

The 4-year bond, with a face value of GH¢1 per denomination, will mature on September 3, 2026. The minimum bid requirement was set at GH¢50,000, with additional bids to be made in multiples of GH¢1,000. This marks the first short-dated instrument being issued by the current administration, following the issuance of the 7-year bond in April 2026.

The government aims to raise a total of GH¢6.55 billion across various bond tenors, including 19-day, 182-day, and 364-day bonds, as part of its fixed income market outlook. This new bond issuance by the Ghanaian government comes as investors remain cautious, as the market is expected to be relatively cool amidst the ongoing issuance of bonds maturing on different dates.