Congratulations to the Republic of Ghana on its successful reopening of the domestic bond market through the issuance of an inaugural 7-year cedi-denominated bond, marking a significant milestone in the post-DDEP recovery. #Ghana secured GH¢3.1 billion in bids and accepted GH¢2.8 billion at a 12.5% coupon on the new bond maturing on 29 March 2033.
Proceeds from the bond issuance will be used for budgetary support while also helping to reduce reliance on short-term Treasury bills, which surged during the restructuring period and increased rollover risks. The return to longer-dated bonds is expected to improve the maturity profile of Ghana’s public debt and bring greater stability to the domestic financial market. The government also noted that it has met all coupon payments and obligations on restructured bonds since 2025.
The transaction demonstrates renewed investor confidence in Ghana’s macroeconomic trajectory, with declining yields and improving market conditions helping support the sovereign’s return to longer-dated domestic issuance. This fantastic achievement marks an important step in rebuilding benchmark bonds, restoring the sovereign yield curve, and supporting liquidity management and refinancing needs.
Cygnum Capital supported the Ministry of Finance of Ghana on this important transaction.
