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ACCRA, May 26 (Reuters) - Ghana will issue a three-year cedi bond next week to roll over maturing paper as the West African oil, gold and cocoa exporter seeks to restructure its high public debt, the Central Bank said on Friday.
The government does not have a target for the 2020 debt which will be launched on June 1 through a book-running sale and be open to foreign investors. Barclays Bank Ghana, Stanbic Ghana and Accra-based Strategic African Securities are lead arrangers, the Central Bank said.
The dealers are expected to release pricing guidance on Tuesday and settlement is slated for June 5, the Bank said. Comparative Ghana debts maturing in 2020 were quoted at 19.35/18.85 percent by mid-morning on Friday. The government of President Nana Akufo-Addo is expected to extend a three-year $918 million programme it inherited with the International Monetary Fund beyond its April 2018 end date to boost efforts to stabilise the economy.
Total public debt stood at $29.4 billion, representing 62.5 percent of GDP at the end of March with gross national reserves of $6.4 billion, an equivalent of 3.7 months of import cover, at the end of April 2017, the Central Bank said on Monday.
$1 = 4.3154 Ghana cedi Reporting by Kwasi Kpodo; Editing by Joe Bavier