accra – Ghana’s three-year domestic bond has scooped 1.57 billion cedis (about $356.3 million) tendered and will pay a yield of 16.5 per cent, joint transaction arrangers said.

Initial guidance for the 2021 maturity, open to non-resident Ghanaians, was in the range of 15.5 per cent and 16.5 per cent.

The government was hoping to raise 900 million cedis from the sale. Settlement for Thursday’s fresh 3-year sale is on Monday.

It was arranged through a joint book-building by Barclays Ghana, Fidelity Bank, Databank, Stanbic Ghana and financial house IC Securities.

The government plans to issue a total of 11.13 billion cedis in the first three months of this year of which 8.96 million cedis are rollovers to restructure maturing debt.

The West African nation is in its final year of a $918 million credit deal with the International Monetary Fund under which it is aiming to reduce the budget deficit, inflation and public debt, which hit 68 percent of GDP last year. Its lawmakers will vote on Friday on the government’s plan to issue $2.5 billion in sovereign debt by June of which $1.5 billion will be used to retire liabilities.

Agencies