Government is planning to issue a three-year domestic dollar bond on Tuesday [November 7, 2017] to develop local funding sources to support the economy.<\/p>\n
According to lead managers of the bond, it is open only to Ghanaians.<\/p>\n
This is the second after a debut issue in October 2016 where the government then issued a two-year domestic dollar bond.<\/p>\n
It raised $94.64 million with an interest rate of 6 percent.<\/p>\n
The issue size has not been announced but sources said the government is targeting a range of $50 million-$100 million. Bids will open on Tuesday until final pricing on Thursday.<\/p>\n
The bond, which will mature in 2020, will be issued through book-building to be arranged by Barclays Bank, Stanbic Bank and brokerage firm Strategic African Securities. Settlement is slated for Nov. 13.<\/p>\n
\u201cIt\u2019s not really about the size. Rather, the motivation is to continue to develop a local funding market, and the target is those investors and businesses that directly generate dollar revenues,\u201d a co-arranger said.<\/p>\n
Ghana is emerging from a fiscal crisis that has left it with a large budget deficit and public debt, forcing the government into an aid deal with the International Monetary Fund that has now been extended by a year to April 2019.<\/p>\n
–<\/p>\n
Credit: Reuters<\/p>\n","protected":false},"excerpt":{"rendered":"
Government is planning to issue a three-year domestic dollar bond on Tuesday [November 7, 2017] to develop local funding sources to support the economy. According to lead managers of the bond, it is open only to Ghanaians. This is the second after a debut issue in October 2016 where the government then issued a two-year […]<\/p>\n","protected":false},"author":14,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"jnews_social_meta":[],"jnews_override_counter":[],"footnotes":""},"categories":[121,32,171,11],"tags":[],"class_list":["post-368527","post","type-post","status-publish","format-standard","hentry","category-banking-and-finance","category-business","category-local-economy","category-top-stories"],"_links":{"self":[{"href":"https:\/\/citifmonline.com\/index.php?rest_route=\/wp\/v2\/posts\/368527","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/citifmonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/citifmonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/citifmonline.com\/index.php?rest_route=\/wp\/v2\/users\/14"}],"replies":[{"embeddable":true,"href":"https:\/\/citifmonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=368527"}],"version-history":[{"count":0,"href":"https:\/\/citifmonline.com\/index.php?rest_route=\/wp\/v2\/posts\/368527\/revisions"}],"wp:attachment":[{"href":"https:\/\/citifmonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=368527"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/citifmonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=368527"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/citifmonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=368527"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}