Ghana accepted 967.5 million cedis ($245.5 million) worth of bids for a five-year domestic bond issued on Thursday, July 21, 2016.
Government has however agreed to pay a fixed yield of 24.75 percent slightly higher than the 24.5 percent it paid for a similar bond it issued in June 2016.
At the time, Ghana accepted about 800 million cedis.
The lead team consisting Barclays Bank, Stanbic Bank and Strategic African Securities (SAS), indicated that total bids tendered at the sale, which was open to foreign investors, amounted to 972.5 million cedis.
Proceeds from the bond will be used to roll over maturing debts as the government seeks to restructure its public debt.
Ghana’s total public debt stood at $27.4 billion representing 66.4 percent of GDP by May.
The government plans to issue a Eurobond of up to $1 billion this year to finance the government’s budget.
By: Pius Amihere Eduku/citibusinessnews.com/Ghana