The Government of Ghana’s latest four‑year Treasury bond attracted a total of GH¢4.46 bn in bids during its September 1 auction, with the Treasury accepting GH¢3.15 bn of those bids, representing 70.57% of the total amount tendered. The auction recorded a bid‑to‑cover ratio of 1.41 times, indicating robust investor interest in the domestic debt market.
The bond cleared at a yield of 12.00%, which sits at the lower end of the pre‑auction market expectation of 12.00% to 13.50%. The clearing yield is roughly 130 basis points above the post‑Domestic Debt Exchange Programme (DDEP) four‑year secondary market reference rate of about 10.7%, yet 50 basis points below the 12.50% yield on the seven‑year government bond issued in March/April 2026, signalling continued appetite for medium‑term government securities.
Issued in cedi and expected to mature in 2030, the bond was opened through a book‑building process and marketed primarily to resident investors, though non‑residents were also eligible to participate. The bond is slated for listing on the Ghana Stock Exchange, with Absa Bank, CalBank, Fincap Securities, GCB Bank, OA Capital and Stanbic Bank acting as bond specialists.
Investors will now monitor the bond’s performance on the stock exchange and its impact on the broader Ghanaian debt market, as the Treasury seeks to balance funding needs with market conditions.
