Domestic bond oversubscribed

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