The government of Ghana has issued 3 billion dollars Eurobond which will mature over three periods of time.
The three tranches will mature at a period of seven years with 8.75% coupon rate, 12 years with 8.125% coupon rate and 31 years with 8.95% coupon rate.
Pulse.com.gh reports that the bond was the highest ever for an African sovereign nation, as it was oversubscribed by 7 times more.
Earlier this week, the finance minister led a government delegation on a roadshow in the United Kingdom and United States of America.
The delegation comprised officials from the Bank of Ghana and the ministry of finance.
Officials of the ministry of finance and the government will use $2 billion to support infrastructure development in the 2019 budget, while the remaining $1 billion dollars will be used to retire some maturing debts.
A Ghanaian economist, Professor Godfred Bokpin, said the coupon rate of the bond was fairly good.
He stated that investors could have demanded more but for the good fundamentals of the economy.
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Source: Yen Newspaper