WORLD Ghana raises 3 bln USD from global capital market


Ghana raises 3 bln USD from global capital market


18:08, February 05, 2020

ACCRA, Feb. 5 (Xinhua)--Ghana successfully raised a total of 3 billion U.S. dollars from the sale of three bonds in the global capital market late Tuesday, the ministry of finance has disclosed.


A small fishing village on Butre beach, Ghana. (Photo: VCG)

A release received from the government early Wednesday said the bonds were also subscribed at relatively lower rates than the country's previous bonds.

While the 7-year component of the bonds went for a coupon rate of 6.37 percent, the 15-year bond was subscribed for 7.87 percent.

But a 41-year bond, the largest deal of the night, was subscribed for 8.87 percent, making it the longest dated bond for any African country.

"The proceeds will mostly be injected into infrastructure, energy, and initiatives that deliver more growth, jobs, and incomes to the Ghanaian people," the statement said.

Earlier in the year, global rating agency Moody had reviewed Ghana's rating outlook from stable to positive, coinciding with the appreciation of cedi, the currency of Ghana, within the first month of 2020.

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