Do­mes­tic bond over­sub­scribed

The Star Early Edition - - INTERNATIONAL -

GHANA ac­cepted 393.6 mil­lion cedis (R1.14 bil­lion) worth of bids for an over­sub­scribed three-year do­mes­tic bond sold on Fri­day at a yield of 18.5 per­cent, the cen­tral bank said. The gov­ern­ment of Pres­i­dent Nana Akufo-Addo, who took power in Jan­uary, is try­ing to re­bal­ance its fi­nances as it faces large debts caused by years of over­spend­ing and lower than pro­jected com­mod­ity prices. To­tal bids for the bond, opened to for­eign in­vestors, were 498.3 mil­lion cedis. The tar­get for the is­sue was 300 mil­lion cedis. Ghana, which ex­ports cocoa, gold and oil, is fol­low­ing a three-year $918m (R11.84bn) aid pro­gramme with the IMF. – Reuters

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