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    African governments tasked to look within the continent in their bid for transformation

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    Ghana Life Insurance Ltd accused of employing delay tactics in payment of claims

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    6th Ghana CEO Summit to focus on digital leadership for the digital economy

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    BoG urged African DFIs to enhance credit rating positions to boost investment

    Stringent measures needed to deal with illicit financial transactions in Africa – Akufo-Addo

    Gold exports push Ghana’s trade surplus to $1.3 billion in April

    Value of MoMo transactions decrease by 3% between March and April 2022

    Inflation rate likely to drop to single digits in 2023 – Dr. Ernest Addison

    Monetary Policy Rate increased again by 200 basis points; now at 19%

    Government partners private companies to mine abandoned iron ore in Oti Region

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    1.5% E-Levy rate will negatively impact GH¢6.9 billion target – Prof. Quartey

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    GUTA urges gov’t to get other countries to open their borders to facilitate trade

    Kyle Kelhofer appointed as IFC Senior Country Manager for Benin, Ghana, Liberia, Sierra Leone, and Togo

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1.5 billion cedi 3 year fixed bond under subscribed

bycitibusinessnews
October 23, 2015
in Banking And Finance, Business, News
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Government’s 1.5 billion cedi 3 year fixed rate bond issued yesterday 22nd October, 2015 was under subscribed.

[contextly_sidebar id=”NIcUDhBZScu6nPHJduoBK044iZCVvYYX”]Government raised less than the targeted 1.5 billion cedis it was looking for on the local market.

It sold 995 million cedis of the three year notes with a yield  24.5 percent.

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Investors offered 1.3 billion cedis of bids with yields between 23 and 26 percent.

The auction comes days after government issued a 1 billion dollar Eurobond at a coupon rate of 10.75 percent.

The 3 year fixed rate bond which was available to both resident and non-resident investors was Ghana cedi denominated, and was issued at par.

Proceeds from the bond will be used to restructure Government of Ghana debt and for maturity settlement.

Earlier the Group CEO of Ideal Finance, Dr Nii Kotei Dzani warned the auctioning of the bond will expose the economy to further risks.

According to Dr. Nii Kotei Dzani government must as a matter of urgency desist from borrowing from the domestic market as that has contributed to the high unemployment in the country.

Speaking to Citi Business News Dr Nii Kotei Dzani said the government should rather concentrate on increasing revenue.

–

By:  Vivian Kai Lokko/citifmonline.com/Ghana

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