How to Buy Government Bonds in Ghana

Government bonds are one of the safest ways to invest in Ghana. You are lending money to the Republic of Ghana, and the government is legally obligated to pay you back with interest. The process has become more accessible in recent years, with banks now offering digital platforms that let you buy and sell bonds from your phone. Here is how it works.

What Are Government Bonds?

A government bond is a debt security issued by the government to support its spending and obligations . When you buy a bond, you are lending money to the government for a fixed period. In return, the government pays you periodic interest (called a coupon) and returns your principal when the bond matures.

Ghana issues bonds in Ghana Cedis (GHS) and the minimum bid for a bond is GHS 50,000 . This is higher than the minimum for Treasury bills, which are short-term securities offered at lower entry points.

The government has re-entered the domestic bond market in 2026 after a three-year pause following the Domestic Debt Exchange Programme. New bonds are being issued with tenors of 4 years and above .

Who Can Buy Government Bonds?

Government bonds are open to resident and non-resident investors . This includes:

• Individuals – Ghanaian citizens and residents

• Corporates – Companies, institutions, and trusts

• Pension funds – Institutional investors

• Non-resident investors – Foreign individuals and entities

However, the minimum bid of GHS 50,000 means bonds are more accessible to high-net-worth individuals and institutional investors than to retail savers with smaller amounts .

How to Buy Government Bonds

You cannot buy government bonds directly from the Bank of Ghana or the Ministry of Finance. You must go through an authorised intermediary.

The Bond Market Specialists

The Ministry of Finance has appointed Bond Market Specialists (BMS) to conduct government bond market operations . These are the institutions you approach to buy bonds.

The appointed Bond Market Specialists for 2026 are :

• Absa Bank Ghana

• CalBank PLC

• Fincap Securities

• GCB Bank PLC

• One Africa Securities

• Stanbic Bank Ghana

These institutions are authorised to participate in the wholesale auctions where government securities are issued. They then make these securities available to their customers.

The Process

Step 1: Open an Account
You need an account with one of the Bond Market Specialists or a bank that offers bond purchase services. For individuals, you will need a passport-sized photograph and a valid photo ID (Passport, Voter’s ID, Driver’s Licence, or Ghana Card) .

Step 2: Register with the Central Securities Depository (CSD)
Government bonds in Ghana are held in dematerialised form—meaning there are no physical certificates. Your ownership is recorded in a book-entry account with the Central Securities Depository (CSD) .

You must register with the CSD before you can buy or sell bonds. You can do this at any branch of a participating bank . Once registered, you receive a CSD Client ID, which is your unique identifier in the securities market.

Step 3: Submit Your Bid
Bond issuance follows a book-building format, where bids are accepted on a yield basis . The Bank of Ghana announces the auction details in advance, including the tenor and issue size.

For bids valued at GHS 100,000 and above, you may need to contact the bank’s investment desk for live rates before submitting your application .

Step 4: Settlement and Allocation
All successful bids clear at a single clearing level . If the auction is oversubscribed, allocation is at the discretion of the issuer . The settlement date is specified in the auction announcement.

Buying Bonds Through Digital Platforms

Several Ghanaian banks now offer digital platforms that make bond investment more accessible.

Fidelity Mobile App

The Fidelity Mobile App includes a Treasury Bills & Treasury Bonds feature that allows customers to buy and sell government securities .

Key features:

• View list of available securities

• Purchase treasury bills and treasury bonds

• Rediscount securities (full or partial liquidation)

• Real-time view of holdings

Important: You must be registered with the CSD before you can use this feature. Registration can be done at any Fidelity Bank branch nationwide. The feature is free—there are no fees applied .

The app allows transactions 24/7, and you do not need to visit a branch to complete a transaction .

Standard Chartered SC Mobile

Standard Chartered offers Online Fixed Income (OFI) on its SC Mobile app, allowing clients to buy and sell government bonds at any time .

Key features:

• Simplified client investment profiling

• View list of securities available to trade each day

• See indicative price, tenor, maturity date, and coupon details

• Transaction history available on the app

Absa Bank

Absa Bank, which is authorised as a Primary Dealer, allows customers to apply for government bonds through Absa internet banking, the Absa Ghana mobile app, or any Absa branch .

What to Know About Treasury Bills vs Bonds

Treasury bills and government bonds are both government securities, but they differ in tenor and minimum investment.

Tax Treatment

For individuals, interest payments on government bonds are exempt from income tax . This makes government bonds particularly attractive for individual investors seeking tax-efficient returns.

For non-resident bondholders, the Republic of Ghana has agreed to make interest payments free and clear of withholding tax .

Current Market Conditions (October 2026)

The fixed-income market in Ghana is shifting. Short-term Treasury bill yields have fallen sharply—the 91-day bill dropped to about 4.69% and the 364-day bill to about 9.98% . With inflation around 5.2%, short-term bills now offer negative real returns.

As a result, institutional investors are turning to restructured DDEP bonds, which offer significantly higher yields on the secondary market :

• February 2029 maturities: ~13.86%

• February 2030: ~14.20%

• February 2032: ~14.51%

• February 2037: ~14.93%

Newly issued four-year government bonds trade at around 11.41% .

Quick Facts

Frequently Asked Questions

1. What is the minimum amount to buy a government bond in Ghana?
The minimum bid for a government bond is GHS 50,000, with multiples of GHS 1,000 thereafter .

2. Who can buy government bonds in Ghana?
Government bonds are open to resident and non-resident investors, including individuals, corporates, and institutions .

3. Where can I buy government bonds in Ghana?
You can buy through Bond Market Specialists: Absa Bank, CalBank, Fincap Securities, GCB Bank, One Africa Securities, and Stanbic Bank.

4. Do I need to register with the CSD to buy bonds?
Yes. Government bonds are held in dematerialised form with the Central Securities Depository (CSD). You must register and obtain a CSD Client ID before buying or selling bonds .

5. Can I buy government bonds on my phone in Ghana?
Yes. The Fidelity Mobile App, Standard Chartered SC Mobile, and Absa App allow customers to buy and sell government securities digitally .

6. Are government bond interest payments tax-free in Ghana?
For individuals, interest payments on government bonds are exempt from income tax . For non-resident bondholders, interest is paid free of withholding tax .

7. What is the current yield on Ghana government bonds?
As of October 2026, restructured DDEP bonds trade at yields ranging from 13.86% to 14.93% on the secondary market. Newly issued four-year bonds trade at around 11.41% .

8. What is the difference between Treasury bills and government bonds?
Treasury bills are short-term (91, 182, 364 days) and issued at a discount. Government bonds are longer-term (2 years and above) and pay periodic coupon interest 

Source: Accra Street Journal

Last Updated on October 16, 2026 by Samuel Kwame Boadu

Samuel Kwame Boadu

Samuel Kwame Boadu is a Ghanaian media entrepreneur and storyteller with a passion for amplifying urban voices and uncovering everyday truths. He is the Editor-in-Chief and Founder of Accra Street Journal, a dynamic digital platform dedicated to capturing the pulse of Ghana’s capital—its people, culture, challenges, business, sports and innovations.

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