Bank of Ghana to issue 3-year-bond to pay debts

The Bank of Ghana will Thursday issue a three-year bond to raise funds to pay off maturing short-dated government instruments.

Joy Business has also learnt government would also use part of the proceeds from the bond sale to fund some expenses in this year's budget.

Government through the Central Bank is hoping to raise GHS300 million.

The bond will be opened to local and foreign investors. However, the Bank of Ghana is yet to determine the yield for investors after the auction.

This will be the third time this year the government is issuing a cedi denominated bond.

Government in April issued a GHS320 million three-year bond to pay-off government maturing debts. It was oversubscribed nearly threefold.

Source: myjoyonline.com