Government Bonds in Ghana After the Restructuring: How to Invest in 2026

Ghana's bond market is open again, three years after the 2022 default. You can buy Treasury bills from GH₵500 through a bank or broker.

Rates are lower than they were: the Bank of Ghana paid 9.98% on 364-day bills in September 2026. New medium-term bonds pay more but need GH₵50,000 to start. Here's how to invest, and what could still change.

How much can you earn on Ghana government bonds right now?

Rates move every week at auction, so treat this table as a snapshot, not a guarantee.

Source: Bank of Ghana Treasury Bill Rates, auctions of 14–21 September 2026.

Notice the gap between short bills and the new bond. Investors want more to lend to the government for longer, and they haven't forgotten 2023.

What was Ghana's debt restructuring, and why does it still matter?

You don't need the full history to invest today, but it explains why yields look the way they do.

Ghana defaulted on most of its external debt in December 2022 and, alongside it, ran a Domestic Debt Exchange Programme (DDEP): about GH₵137 billion (roughly US$14.3 billion) of local bonds, more than 60 separate issues, were swapped for 12 new bonds, one maturing every January from 2027 to 2038 (MyJoyOnline, one-year DDEP retrospective).

There was no cut to the face value of what people were owed, the government was firm on that point, but coupons were cut sharply (no cash coupon at all in 2023, 5% in 2024, then around 9% a year after that) and maturities were pushed out. Individual bondholders under 59 were given new bonds capped at five years instead of up to 15, with a 10% coupon; pensioners got a five-year cap too, at a higher 15% coupon (Ministry of Finance, DDEP update). More than 80% of eligible bondholders took the deal.

Why this matters to you: the government has kept paying. In August 2026 it made its third full cash payment to DDEP bondholders, GH₵10.8 billion in one go, and says every future DDEP payment will be made in full and on time (Ministry of Finance, August 2026). That record is the main reason new investors are coming back.

Why did the bond market go quiet, and why is it reopening in 2026?

After the exchange, the government agreed not to issue any new domestic bonds for three years, to avoid flooding a market it had just restructured. Investors were pushed into short-dated Treasury bills instead, which is why bill issuance has dominated since 2023.

That freeze ended in March 2026. Ghana tested the market with a seven-year cedi bond that month, then a four-year bond in September that cleared at 12.00%. Investors bid GH₵4.46 billion, more than the GH₵3.15 billion the government took. The bond was open to non-residents as well as residents, with a minimum bid of GH₵50,000, and was sold through bond dealers including Absa, CalBank, GCB and Stanbic (Rio Times, Ghana's 2026 bond re-entry).

Separately, the last unresolved piece of the wider restructuring, about US$118 million of health-sector bonds from 2014, was swapped for new notes maturing in 2035 and 2037, with settlement completed in July 2026. S&P puts the overall restructuring at roughly 97% complete (CNBC Africa, September 2026).

How to invest in Ghana government bonds today

1. Decide bill or bond. Treasury bills (91, 182 or 364 days) suit money you might need within a year. The new medium-term bonds suit money you can lock away for several years for a materially higher rate. If you're weighing this against other markets, Kenya's government bonds work on a similar principle but with different tenors and rates.
2. Get your Ghana Card ready. Your bank, broker or the Central Securities Depository (CSD) will ask for a valid ID, the Ghana Card is the standard one now, plus proof of address. The PIN on it is also your TIN, which brokers need on file to open the account in your name.
3. Open (or confirm) a CSD account. Every government security is recorded electronically in your name at the CSD; most banks and brokers open this for you as part of buying your first bill or bond.
4. Pick a bank or licensed broker. Databank, GCB, Stanbic, CalBank, Fidelity and other licensed dealers all take retail orders. Minimums are typically GH₵500 for a Treasury bill through a broker; the September 2026 bond auction had a GH₵50,000 minimum.
5. Place your order before the deadline. Tell them the bill or bond, how long, the amount, and what to do when it matures: pay out to your bank account, or roll it into the next auction.
6. Watch for settlement. Bills and bonds bought at a fresh auction typically settle within a day or two; you'll get a contract note and see the holding on your CSD statement.
7. Reinvest if you don't need the cash. Rolling your bill or interest into the next auction instead of spending it is what builds wealth over time. Our compound interest calculator shows the difference reinvesting makes over five or ten years.

Is interest on Ghana government bonds taxed?

No, not for individuals. Interest paid to individuals on Ghana government bonds and Treasury bills is free of income tax, and non-residents get the same exemption on government bonds (Ghana Revenue Authority, income tax exemptions). That's one reason the quoted rate is close to what you receive. Companies are taxed differently, so check with your accountant if you're investing through a business. The money you invest is a different matter: it's your take-home pay after PAYE and SSNIT, so it helps to know how PAYE is calculated in Ghana before you decide how much you can lock away.

Risks to know before you invest

• A 12% bond yield isn't free money. Ghana's own debt service is expected to swallow around a fifth of government revenue through 2029 as the country works through what's left of its obligations. That's the risk you're being paid for.
• Don't confuse a bank or broker's product with a government bond. Only banks, licensed brokers and the CSD can place a genuine order into a Bank of Ghana auction or the secondary market. If someone outside that chain is "selling" you a government bond or T-bill at a better rate, walk away.
• Currency risk matters for money from abroad. If your income and future spending are in dollars, pounds or another currency, a fall in the cedi can wipe out a bond's headline yield. That's what happened to some investors in the 2022–2023 crisis.
• Read the redemption instruction carefully. If you tick "roll over" by mistake, your money goes straight into the next auction instead of your bank account.

What to expect next

Ghana still has S&P's 'B-' rating, but things are improving. The agency points to record foreign reserves and a current account surplus driven by gold exports, as well as the almost-finished restructuring above. The government says it plans to keep rebuilding the market for medium-term bonds, not just bills, so expect more three- to seven-year bonds through 2027, alongside the usual weekly bill auctions.

If you already hold a bond from the 2023 exchange, nothing changes for you: keep an eye on your maturity dates (spread from January 2027 to January 2038) and make sure your bank details for coupon payments are current. For more on managing money in Ghana right now, from tax to ID costs, see our other Ghana guides. If a bond is funding something specific down the line, our guide to what it costs to build a 3-bedroom house in Ghana is a useful target to plan against. If you'd rather not pick individual bonds, Ghana's mutual funds and unit trusts hold a mix of government debt and other assets for you, often for as little as GH₵50 to start.

Frequently asked questions

Is it safe to invest in Ghana government bonds after the debt restructuring?

Safer than before, but not risk-free. The government has paid every DDEP coupon on time since payments restarted, and the bond market has reopened with real demand from investors. The main risks now are Ghana's heavy debt repayments and, for foreign investors, a falling cedi, not another default any time soon.

What is the minimum amount to invest in a Ghana government bond in 2026?

It depends on the route. A Treasury bill through a bank or broker like Databank can start from around GH₵500. The new medium-term Treasury bonds issued since March 2026 have carried a minimum bid of GH₵50,000.

Do I still get paid if I held bonds affected by the DDEP?

Yes. The government has been paying DDEP coupons in full and in cash (GH₵10.8 billion went out in August 2026 alone) and says it will keep doing so. Your old bond's maturity date, interest rate and payment dates are whatever you agreed when you exchanged, running from 2027 to 2038.

Can foreigners invest in Ghana government bonds?

Yes. Non-residents can buy Ghana government bonds, including the new bonds issued since March 2026, and get the same income tax exemption on the interest that individuals get. You'll still need a CSD account, usually opened through a licensed bank or broker.

What's the difference between a Treasury bill and a Treasury bond in Ghana?

Treasury bills (91, 182 and 364 days) are short-term and sold below their face value, and the difference is your return. Treasury bonds run for several years and usually pay fixed interest, normally twice a year, plus your money back at the end.

Can I get my money out before a bond matures?

Yes, but by selling to another investor, not by cashing it in with the government. You sell your bond or bill through a licensed dealer on the Ghana Fixed Income Market, and the price depends on how rates have moved since you bought, so you could get more or less than you paid.