Government accepts almost GHC850 million for bonds set to mature in 3 years
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Government accepts almost GHC850 million for bonds set to mature in 3 years

- The government has announced the receipt of GHC849.24 million for 3-year bonds

- The initial pricing guidance was 18.50% and 19.00% and the clearing coupon rate for the bonds is estimated at 19.00%

- The instrument was available for both resident and non-resident investors and the funds raised would be used to settle matured debts

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YEN.com.gh has learned that the government of Ghana has accepted GHC849.24 million for bonds set to mature in three years.

The bids for the bonds were submitted on Thursday, April 16, 2020, and the initial pricing guidance was 18.50% and 19.00%.

The clearing coupon rate for the bonds is estimated at 19.00%, classfmonline.com reports.

READ ALSO: Bank of Ghana advises all financial institutions to stop using liquid funds to buy T-Bills

Information available shows that the majority of the funds raised would be diverted towards the settling of matured debts.

It has also been revealed that the instrument was available for both resident and non-resident investors.

Each bond has a face value of GHC1 and the minimum bid was set at GHC50,000 and then in multiples of GHC1000 thereafter.

In other news, the Bank of Ghana has received $25 million in bids in its latest forex auction, representing 31.74% of the total amount of $78.75 million that forex dealers bid for.

Per a report released by the Central Bank, its plan to control the supply of dollars led to the submission of 108 bid in the latest forex auction which was carried out on Tuesday, April 7, 2020.

A total of 53 dealers, being the highest number of bidders, sought foreign currency in the next seven days.

READ ALSO: Bank of Ghana introduces real-time platform to stabilise the cedi

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Source: Yen Ghana

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