ACCRA, March 31 Ghana raised 3.42 billion cedis
($790 million) from a debut 15-year domestic bond issued on
Friday, paying a yield of 19.75 percent, lead arrangers said.
The West African oil, gold and cocoa exporter also accepted
1.45 billion cedis worth of bids ($335 mln) for a concurrent
7-year local bond at a yield of 19.75 percent as part of renewed
efforts to use longer maturities to rebalance its finances.
Ghana is more than halfway through a three-year $918 million
aid deal with the International Monetary Fund aimed at helping
it tackle its high deficits, widening public debt and high
Friday's bond sales, which were open to foreign investors,
were conducted through a book-building arranged by Barclays Bank
Ghana, Stanbic Ghana and Accra-based brokerage firm Strategic
African Securities. Settlement will be on Monday.
The government of President Nana Akufo-Addo, who assumed
office in January, plans to issue domestic securities worth
22.25 billion cedis ($5.1 bln) in the second quarter, of which
14 billion cedis will be used to roll over maturing debt.
It has earmarked 2.55 billion cedis to finance its budgetary
requirements and 5.6 billion to build buffers for liability
management, the Finance Ministry said on Friday.
(Reporting by Kwasi Kpodo; Editing by Joe Bavier and Hugh