SEC reassures investors Ghana’s Green bonds will not mirror DDEP losses
27th January 2026
The Securities and Exchange Commission (SEC) has moved to reassure investors that Ghana’s developing green bonds market—particularly planned corporate issuances—will not result in losses similar to those incurred under the Domestic Debt Exchange Programme (DDEP).
Speaking to journalists on the sidelines of the Ghana Green Bonds Market Development Programme in Accra on Tuesday, January 27, the SEC’s Director-General, James Klutse Avedzi, explained that the proposed green bond framework is fundamentally different from traditional government debt instruments.
He noted that the DDEP involved government-issued bonds, which many investors previously regarded as risk-free. “The DDEP has taught us that government securities are not always without risk,” Mr. Avedzi said.
According to him, the green bonds currently being developed are aimed at financing the real sector, particularly corporate entities, rather than funding government expenditure.
“These bonds are for the real sector—corporate bodies—and not for government,” he stated.
Mr. Avedzi added that the SEC would maintain strict regulatory oversight to protect investors and ensure confidence in the new market. “We will do our work to safeguard investor interests so that when these bonds are issued, they trade well on the Ghana Stock Exchange and investors are able to earn capital gains over time,” he said.
On government borrowing plans, the SEC Director-General confirmed that authorities intend to issue over GHS10 billion in infrastructure bonds. However, he clarified that whether such bonds would qualify as green bonds would depend on the information provided in the prospectus.
“It depends on what is disclosed in the prospectus. If it meets the criteria for green bonds, then it will qualify. For now, there is no such indication,” he explained.
Mr. Avedzi reiterated the SEC’s mandate to protect investors, emphasizing that safeguarding investor confidence remains central to the Commission’s role.