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Bond Market News
Ghana Plans Return to Domestic Bond market
June 26, 2025
Ghana plans to resume domestic bond issuance in late 2025, aiming to raise 3bn cedis ($291mn) via medium-term notes from September to December to refinance higher-cost treasury bills. The country’s inflation has dropped to 18.4% from over 54% in 2022, and 3-month borrowing costs have declined to 14.7% from 35%+ in early 2023. The country restructured $13bn in eurobonds, $5.1bn in bilateral loans and 203.4bn cedis in domestic debt since December 2022. The IMF provided a $3bn bailout package in 2023, expiring in 2026, with the bond issuance aligning with the program’s gradual market re-access strategy. Fitch and S&P recently upgraded Ghana’s rating to B- and CCC respectively, reflecting restored creditor relations.
Ghana’s 0% dollar 2030s have moved up half a point to currently trade at 83.21, yielding 8.64%.
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