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Govt raises GHS988m domestic bond

Finance Minister, Ken Ofori-Atta
Finance Minister, Ken Ofori-Atta
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Government has raised a total of 988 million cedis bond at a rate of 19.5 percent. The three-year domestic bond which was issued yesterday was also opened to non-resident investors. There is more in this report.

An initial guide price for the bond which was open to non-resident investors was set at between 18.75 percent and 19.5 percent.

The listing was done on the Ghana Stock Exchange with joint book runners,  Barclays, Databank, Fidelity Bank, IC securities and Stanbic Bank. Government raised the funds to pay some maturing debt as well as embark on some infrastructure projects.

Ghana’s debt

Meanwhile, Ghana’s total debt by July this year was at 159.4 billion cedis, representing 65.9 percent of the GDP. The external component of the debt stood at 18.2 billion U.S dollars, while the domestic debt hit 73.8 billion cedis.

By this, the total debt stock increased by 5.1 billion cedis from 154.3 billion cedis in May to 159.4 billion cedis in July 2018.

Compared to the same period in July 2017, the debt to GDP however dropped from 67.4 percent [137.5billion cedis] to 65.9 percent.

By: Lawrence Segbefia/citibusinessnews.com/Ghana


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