Ghana’s 500 million cedi three year bond issued last week was heavily ditched by investors. Ghana was seeking 500 million cedis but total bids tendered were only 341 million cedis.Ghana accepted 303 million cedis that is $78.1 million. Ghana will pay a fixed yield of 24.5 percent the same as the three-year bond sold last month. Yields ranged between 23.7 percent and 24.95 percent. Settlement for the bond is fixed for today.
Proceeds from the bond will be used to roll over maturing bonds as the government makes renewed efforts to tackle its growing debt burden and at the same time provide resources for the country’s huge infrastructure requirements. As at December last year Ghana’s total public debt was around 70 percent of GDP.
Overall, the government plans to raise 5.5 billion cedis by selling short- and medium-term domestic securities this month, of which 5.23 million cedis will be used to refinance maturing debt, the central bank has said.
Ghana’s interest rates are among the highest in the region, reflecting the fiscal challenges facing the economy. The yield on the benchmark 91-day Treasury bill, as at last Friday was 22.8071 percent.
Source: citifmonline.com
Business News of May 30th
- Ghanaian entrepreneur meets UK Minister for Africa
- PURC has failed to protect consumers – Dr Manteaw
- GCB profit down 10%, assets up 9%
- Govt urged to expand manufacturing sector
- Our financial activities are regulated - Telcos
- CEOs urged to include HR in strategic management
- Jumia Ghana mobile week celebration launched
- ACEP flays utilities regulator
- US$113 million agric project launche
- IMF programme yielding good results - Financial Analyst
- Minerals Commission warns small scale miners
- Govt to issue bonds to settle indebtedness to BDCs - Asaga
- AYNAT encourages youth to venture into agric
- US$11,000 oil palm extraction project inaugurated
- Alpha Industries introduces new chocolate products
- Illegal mining to cause future water shortage
- ECG needs managerial reforms to win public trust – Iddrisu
- ECG needs managerial and technical reforms - Adams Iddrisu
- 17m tonnes of cassava produced last year
- 17m tonnes of cassava produced last year
- Consumers owe ECG GH¢1.6 billion
- Minerals Commission Warns Small Scale Miners
- Telcos reject claims of unregulated financial activities
- Ghana imports even plantain – Nana Addo
- Ghanaian entrepreneurs meet UK Minister for Africa
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