Ghana is set to return to the domestic bond market next week with the issuance of its first local-currency seven-year bond since the country’s 2022 debt default, as the government seeks to finance its budget and rebuild the sovereign yield curve.
The sale of the seven-year securities will open on Monday, March 30, 2026, with initial pricing guidance, and is expected to close on Wednesday, April 1, according to an emailed statement from the bond bookrunners.
The move comes as President John Dramani Mahama’s administration benefits from significant macroeconomic improvements, including inflation slowing to a near three-decade low of 3.3% in February 2026 and the Bank of Ghana cutting its policy rate by a cumulative 14 percentage points since July 2025 to the current 14%.
Analysts say the improved environment, coupled with stronger external buffers and fiscal metrics, has created favourable conditions for the issuance, although yields may not be particularly attractive to foreign investors.
“With market rates having fallen materially and Ghana’s external buffers and fiscal metrics having improved significantly, the yield on the new bond may not be very attractive for foreign investors,” said Samir Gadio, head of Africa strategy at Standard Chartered Plc. “Still, for overseas investors, Ghana is good because of diversification factors.”
The timing of the issuance has also been supported by a rally in global gold prices, which has helped the Bank of Ghana build foreign exchange reserves and stabilise the cedi. Ghana remains Africa’s largest gold producer.
According to the Finance Ministry, the resumption of local debt offerings is aimed at “re-establishing a domestic funding program,” rebuilding the sovereign yield curve, providing investment opportunities for retail and institutional investors, and restoring broader market confidence.
The exact amount to be raised will be determined at the start of the sale. Bookrunners for the transaction include Absa Bank Ghana Ltd., CalBank Plc, Fincap Securities Ltd., GCB Bank Plc, One Africa Securities Ltd., and Stanbic Bank Ghana Ltd.
The government has indicated plans to raise a total of 20.2 billion cedis (approximately $1.8 billion) this year through seven to 10-year securities.
Ghana unilaterally suspended most debt payments in December 2022, triggering a comprehensive debt restructuring process that included a $3 billion bailout programme with the International Monetary Fund (IMF). As part of the restructuring, the government faced restrictions on accessing domestic markets, which expired earlier this month.
The return to regular domestic borrowing marks a key step in normalising Ghana’s public debt management following the completion of most of its debt exchange programme.
