The government has accepted GH¢3.15 billion in bids for its new four-year Treasury bond after investors submitted a total of GH¢4.46 billion at the latest auction.

The auction recorded a bid-to-cover ratio of 1.41 times, with the accepted bids accounting for 70.57% of the total amount tendered.

The bond cleared at a yield of 12.00%, coming in at the lower end of the 12.00% to 13.50% range anticipated by the market ahead of the auction.

Latest Bank of Ghana auction data show that the clearing yield was about 130 basis points above the post-Domestic Debt Exchange Programme (DDEP) four-year secondary market reference rate of approximately 10.7%.

The rate, however, was 50 basis points below the 12.50% yield attached to the seven-year government bond issued in March/April 2026.

The pricing and level of demand point to continued investor interest in medium-term government securities, despite the yield premium over the prevailing four-year secondary market reference rate.

The cedi-denominated bond, which is expected to mature in 2030, was opened on September 1, 2026, through a book-building process.

The issuance was primarily targeted at resident investors, although non-resident investors were also eligible to participate.

The bond is expected to be listed on the Ghana Stock Exchange.

Absa Bank, CalBank, Fincap Securities, GCB Bank, OA Capital and Stanbic Bank are serving as active bond specialists for the issuance.