You can buy Ghana government securities from abroad by opening an account with a licensed Ghanaian bank, broker, or depository participant, funding it through a bank or SWIFT transfer, and instructing the institution to buy Treasury bills, notes, or bonds on your behalf. Foreign investors can participate in Ghana’s securities market, but bonds with maturities of two years or longer are the auctions where foreign participation is permitted.state+1

The key is to use a regulated intermediary in your own name—not an informal agent or personal mobile-money account.

What You Can Buy

Ghana’s government securities include:

• Treasury bills: Short-term instruments, commonly 91-day and 182-day tenors.

• Government notes: Medium-term instruments, such as one- and two-year notes.

• Government bonds: Longer-term debt securities.

• Bank of Ghana money-market instruments: Eligible instruments traded on the Ghana Fixed Income Market.bog.gov+2

Most Ghana government securities are denominated in Ghana cedis (GHS) unless the Ministry of Finance explicitly states otherwise. Subscription and redemption payments are made in the currency of issuance.mofep.gov+1

Step 1: Choose a Licensed Intermediary

From abroad, you generally cannot buy directly in the primary wholesale auction. That auction is open only to authorised Primary Dealers—financial institutions authorised by the Bank of Ghana.bog.gov+2

Instead, use one of these routes:

The Ghana Fixed Income Market (GFIM) is the secondary-market platform for Treasury bills, government notes, bonds, and Bank of Ghana instruments. Investors can buy or sell these securities through accredited depository participants, including Primary Dealers.bog.gov+1

Step 2: Open an Account in Your Name

Before transferring money, open an investment or brokerage account with the licensed intermediary. Many brokers allow remote onboarding for Ghanaians abroad.

Typical requirements include:

• Valid passport or Ghana Card.

• Proof of overseas address.

• Passport-sized photograph.

• Completed application or account-opening form.

• Tax identification details, where applicable.

• Source-of-funds evidence for larger transfers.

For example, Databank states that Treasury bills and notes are open to Ghanaian citizens, institutions, and foreign residents in Ghana and abroad, with a minimum purchase of GH₵ 500. It asks applicants to provide identification such as a passport or driver’s licence and complete an application form.databankgroup

Step 3: Fund Your Account Safely

Fund the account through a formal banking channel, usually SWIFT or a licensed remittance provider. Ghana’s foreign-exchange framework allows foreign investors to buy certain securities, and foreign-currency transfers must be made through banks or licensed money-transfer institutions.state

Transfer checklist

• Confirm the exact beneficiary name, bank, branch, SWIFT code, and account number directly with the broker or bank.

• Ensure the receiving account is in your name or the licensed intermediary’s designated client-account name.

• Send a small test transfer first for a new relationship.

• Keep the SWIFT reference, remittance receipt, and bank statement.

• Confirm the amount received in cedis after conversion and any bank charges.

• Do not send investment funds to a personal MoMo number or an unverified agent.

Step 4: Select Your Security

Compare securities by maturity, yield, and liquidity.

GFIM allows investors to trade government Treasury bills, notes, and bonds after issuance. Firm orders may be submitted in amounts that are multiples of GH₵ 10, while designated benchmark securities may use a standard RFQ trade size of GH₵ 500,000 or multiples.gse.com

Step 5: Place Your Order

Once your account is funded, instruct your broker or bank in writing to buy the security you selected.

Your instruction should include:

• Security type: Treasury bill, note, or bond.

• Tenor or maturity date.

• Amount in cedis.

• Whether you want primary or secondary-market purchase, if applicable.

• Settlement account details.

• Instructions for interest or redemption payments.

The broker or depository participant will execute the purchase and provide a contract note, statement, or confirmation showing the security, quantity, price, settlement date, and custody arrangement.bog.gov+1

Step 6: Track Interest and Redemption

Keep records of every purchase and confirm how income will be paid.

Ask your intermediary:

• When will interest be paid?

• Will interest be credited to my Ghana account or sent abroad?

• What happens at maturity—automatic reinvestment or cash payment?

• Can I sell before maturity on GFIM?

• What are the selling fees and settlement timelines?

• How do I repatriate proceeds to my overseas bank account?

Ghana’s investment framework states that there are no capital controls on the flow of retained earnings, capital gains, dividends, or interest payments, provided the source of capital can be identified.state

Important Risks

Currency risk

Because most securities are cedi-denominated, your return in dollars, pounds, or euros depends partly on the cedi exchange rate. A strong cedi yield can be reduced if the cedi depreciates before you convert funds back abroad.state+1

Interest-rate and liquidity risk

If you need to sell a bond before maturity, its market price may be lower than your purchase price, especially if interest rates have risen. GFIM provides a secondary market, but liquidity can vary by security.gse.com

Operational risk

Use only licensed banks, brokers, and depository participants. Confirm account details through official contact channels and retain all documentation.

Practical Example

Suppose you live in the UK and want to invest GH₵ 10,000:

1. Open a brokerage account with a licensed Ghanaian broker.

2. Transfer GBP through SWIFT to the broker’s designated client-funding account.

3. Confirm the cedi amount credited after conversion.

4. Instruct the broker to buy a 182-day Treasury bill.

5. Receive a purchase confirmation showing the bill, amount, discount rate, maturity date, and settlement details.

6. At maturity, ask whether the proceeds should be reinvested, held in cedis, or transferred back abroad.

Final Thoughts

To buy Ghana government securities from abroad, work with a licensed broker, bank, or depository participant; fund the account through formal banking channels; and buy in your own name. Foreign investors can access Ghana’s securities market, but should pay close attention to cedi currency risk, maturity dates, fees, and repatriation procedures.state+2

Start with a small amount, use a regulated intermediary, and keep every transfer and purchase confirmation for your records.

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