Gov’t raises over US$200m in domestic dollar bond

By www.primenewsghana.com
Dollar bills
Dollar bills

Ghana scooped all $221.4 million tendered for a three-year domestic dollar bond at a 6.25 percent yield on Thursday, boosting the government’s plans to explore local funding sources, arrangers said.

Initial guidance for the bond, the second to be issued by the major commodities exporter and open only to Ghanaian investors, was 6.25 percent.

Ghana is emerging from a fiscal crisis that has left it with high deficits and a steep public debt that forced the government into a credit deal with the International Monetary Fund worth around $918 million in 2015.

The bond, which will mature in November 2020, was issued through a joint book-building arranged by Barclays Bank, Stanbic Bank and brokerage firm Strategic African Securities. Settlement is slated for Nov. 13.