Ghana has re-entered the domestic bond market after a three-year pause. For investors willing to navigate the paperwork, the yields on offer are among the most attractive in the region. Here is how the instrument actually works.
The Instrument, in Plain Terms
A government bond is a loan. You lend money to the Republic of Ghana. In return, the government pays you interest at a fixed rate for a fixed period, then returns your principal when the bond matures.
The government issues bonds to fund its budget—infrastructure, salaries, debt service, and the machinery of state. When it needs more money than tax revenue provides, it borrows. Bonds are one of the ways it does so.
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Ghana issues bonds in Ghana Cedis. The minimum bid is GHS 50,000 —a threshold that puts them out of reach for most retail savers but well within the range of high-net-worth individuals, pension funds, and institutional investors .
The Mechanics: Coupons, Tenors, and Yields
Three numbers define any bond:
The coupon is the interest rate the government pays you. It is typically paid semi-annually. A 12% coupon on a GHS 100,000 bond pays GHS 6,000 every six months.
The tenor is the time until the bond matures. Ghana issues bonds with tenors of two years and above . The longer the tenor, the higher the yield, because you are locking up your money for longer and taking more inflation and default risk.
The yield is the return you actually earn, which may differ from the coupon if you buy the bond on the secondary market at a price above or below its face value.
How Bonds Are Issued
You cannot buy bonds directly from the Bank of Ghana or the Ministry of Finance. You must go through an authorised intermediary.
The Ministry of Finance has appointed Bond Market Specialists to conduct government bond market operations. The appointed specialists for 2026 are :
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Absa Bank Ghana
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CalBank PLC
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Fincap Securities
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One Africa Securities
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Stanbic Bank Ghana
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. 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 .
All successful bids clear at a single clearing level. If the auction is oversubscribed, allocation is at the discretion of the issuer .
The CSD: Your Ownership Record
Government bonds in Ghana are held in dematerialised form—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. Registration can be done at any branch of a participating bank. Once registered, you receive a CSD Client ID, which is your unique identifier in the securities market.
Buying Bonds Digitally
Several Ghanaian banks now offer digital platforms that make bond investment more accessible.
Fidelity Mobile App includes a Treasury Bills and Treasury Bonds feature that allows customers to buy, sell, and view holdings 24/7. Registration with the CSD is required. The feature is free .
Standard Chartered SC Mobile offers Online Fixed Income, allowing clients to buy and sell government bonds at any time, with indicative prices, tenors, maturity dates, and coupon details displayed .
Absa Bank allows customers to apply for government bonds through internet banking, the Absa Ghana mobile app, or any branch .
The Tax Advantage
For individuals, interest payments on government bonds are exempt from income tax . This makes them particularly attractive for tax-efficient returns.
For non-resident bondholders, the Republic of Ghana has agreed to make interest payments free and clear of withholding tax .
The Current Market: A Rare Opportunity
The fixed-income market in Ghana is shifting, and the shift favours bond investors.
Short-term Treasury bill yields have fallen sharply. The 91-day bill now yields about 4.69%, and the 364-day bill about 9.98% . With inflation around 5.2%, short-term bills offer negative real returns. Holding cash in a bill is losing purchasing power.
Institutional investors are responding by moving into restructured DDEP bonds, which offer significantly higher yields on the secondary market :
| Maturity | Yield |
|---|---|
| February 2029 | ~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% .
For investors willing to accept a longer tenor and the attendant risks, the yield pick-up over short-term bills is substantial—roughly 400 to 500 basis points on the longer maturities.
What You Are Actually Taking On
A government bond is not risk-free. It is a loan to a sovereign that defaulted on its external debt in 2022 and restructured its domestic debt through the DDEP.
Default risk is real, though the domestic bond market has stabilised since the restructuring. The government has demonstrated willingness to honour restructured obligations.
Inflation risk is significant. If inflation rises above your coupon rate, your real return turns negative. With inflation currently around 5.2% and coupons in the 11–15% range, real returns are positive—but that can change.
Liquidity risk matters if you need to sell before maturity. The secondary market for Ghanaian bonds is thinner than in developed markets, and selling large positions quickly may require accepting a discount.
Currency risk applies only to non-resident investors who convert their returns back to foreign currency. A weaker cedi reduces the dollar value of cedi-denominated coupon payments.
ASJ Bottom Line
Ghana government bonds offer some of the highest yields available in the domestic market. The tax exemption for individuals makes them particularly attractive. The digital platforms have made access easier than it has ever been.
But the minimum bid of GHS 50,000 means they are not for everyone. And the risks—inflation, liquidity, and sovereign credit—are real. For investors with the capital and the tolerance for those risks, bonds are a core building block of a fixed-income portfolio. For everyone else, Treasury bills and unit trusts offer lower-threshold alternatives.
The government has reopened the bond market. Whether that is an opportunity depends on your time horizon, your tax position, and your willingness to lend to the Republic of Ghana.
Quick Facts
| Topic | Details |
|---|---|
| Issuer | Republic of Ghana |
| Currency | Ghana Cedi (GHS) |
| Minimum Bid | GHS 50,000 |
| Tenors | 2 years and above |
| Coupon Payment | Semi-annual |
| Where to Buy | Bond Market Specialists (Absa, CalBank, Fincap, GCB, One Africa, Stanbic) |
| Registration | Central Securities Depository (CSD) |
| Tax (Individuals) | Interest exempt from income tax |
| Current Yields (DDEP Bonds) | 13.86% – 14.93% |
Frequently Asked Questions
1. What is a government bond in Ghana?
A government bond is a debt security issued by the Republic of Ghana. When you buy one, you are lending money to the government for a fixed period. In return, the government pays you periodic interest and returns your principal at maturity.
2. What is the minimum amount to buy a government bond in Ghana?
The minimum bid is GHS 50,000, with multiples of GHS 1,000 thereafter.
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.
5. 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.
6. 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%.
7. 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.
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
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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.
