Ghana is preparing to raise up to 10 billion cedis, about $935 million, through its first domestic infrastructure bond issuance to finance roads and interchanges. The offering is expected to be structured in two tranches of 5 billion cedis each, to be issued in the first and second halves of the year with longer maturities, according to sources familiar with the plan.
The bond forms part of President John Mahama’s Big Push initiative, which aims to mobilize $10 billion for large scale infrastructure development. The 2026 budget has already allocated 30 billion cedis to the programme, more than double the previous year’s provision. The projects are expected to be largely self financed through electronic road tolls and are not projected to add to public debt.
Improving macroeconomic conditions have supported renewed investor interest. Bond yields have declined sharply, inflation has eased significantly, and Ghana is set to exit its IMF programme in May, marking a key step in its economic recovery.
