Government’s new 4-Year Fixed Rate Bond (FXR) recorded strong investor interest at its latest auction, attracting GH¢4.46 billion in bids.
Of the amount tendered, the government accepted GH¢3.15 billion, representing an acceptance rate of 70.57% and a bid-to-cover ratio of 1.41 times.
According to latest results from the Bank of Ghana, the bond cleared at a yield of 12.00%, at the lower end of pre-auction market expectations of between 12.00% and 13.50%.
The clearing rate was about 130 basis points above the post-Domestic Debt Exchange Programme (DDEP) four-year secondary market reference rate of approximately 10.7%. However, it remained 50 basis points below the 12.50% yield on the seven-year bond issued in March/April 2026.
The auction outcome points to sustained institutional demand for medium-term government securities, even as investors continue to show strong appetite for shorter-dated Treasury instruments.
The government opened the four-year bond offer on September 1, 2026, using a book-building approach to enable investors to participate in the issuance.
The new Ghana cedi-denominated Treasury bond, which is expected to mature in 2030, is aimed at raising funds from the domestic debt market.
The offer was primarily marketed to resident investors but was also opened to non-resident investors. The bond is expected to be listed on the Ghana Stock Exchange.
Six institutions, Absa Bank, CalBank, Fincap Securities, GCB Bank, OA Capital and Stanbic Bank, participated as active bond specialists for the offer.
The issuance marks the first short-dated bond offered under the current administration following the issuance of a seven-year bond in April 2026.
The bond has a face value of GH¢1 per denomination, with the minimum bid set at GH¢50,000. Additional bids could be made in multiples of GH¢1,000.
