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Government raises GHC1.99 billion bond at 16.5%

The Akufo Addo Government has raised a total of GHC1.99 billion in a five-year domestic bond at a yield of 16.5 percent.

The initial guidance for the bond, open to non-resident Ghanaians, was in the range of 15 percent to 16.5 percent.

The total bids tendered were 2.01 billion cedis but government accepted 1.99 billion cedis. Settlement of the bond will mature on 2023.

The bookrunners were Barclays Bank Ghana, Stanbic Ghana, Fidelity Bank, Databank and brokerage firm IC securities.

A scheduled table released by the Finance Minister through the central bank early this year stated that government plans to issue a total of 11.13 billion cedis in the first three months of this year.

Of this amount, 8.96 million cedis are to be rollovers to restructure maturing debt.