The Ministry of Finance has announced its official return to the domestic bond market after a three-year pause on long-term borrowing. This follows the expiration of restrictions introduced under the Domestic Debt Exchange Programme (DDEP) in 2023. A programme circular dated March 26, 2026 outlines the framework for issuing new Treasury bonds in Ghana cedis.

The government plans to issue senior unsecured Treasury bonds with maturities to be specified during each auction. Investors will receive interest payments twice a year, while the principal will be repaid in full at maturity. The pricing of these bonds will be determined through a book-building auction process conducted via the Central Securities Depository system.

To participate, investors must submit bids either based on yield or price, with successful bids clearing at a single level for new issuances. The minimum investment has been set at GH¢50,000, with additional amounts in multiples of GH¢1,000. All bonds will be issued electronically, with no physical certificates.

The Ministry has appointed six institutions—including Absa Bank Ghana, CalBank PLC, GCB Bank PLC, and Stanbic Bank Ghana—as Bond Market Specialists to facilitate the programme. The bonds will also be listed on the Ghana Fixed Income Market of the Ghana Stock Exchange, allowing for active secondary market trading.

The government aims to achieve several objectives through this programme, including restoring domestic borrowing, managing liquidity, refinancing maturing debts, rebuilding the yield curve, and expanding investment opportunities for both institutional and retail investors. The initiative is part of a broader public debt management strategy supported by improved fiscal planning.

Proceeds from the bond issuance will be used for budgetary support and are expected to reduce reliance on short-term Treasury bills, which had increased during the debt restructuring period. By returning to longer-term bonds, the government hopes to stabilize the market, extend debt maturity, and reinforce investor confidence, especially after consistently meeting obligations on restructured bonds since 2025.