Bank of Ghana to issue 3-year bonds

The Bank of Ghana (BoG) will next week issue a three-year bond aimed at raising GHC 400 million.
In March, government cancelled plans to issue a five-year domestic bond worth GHC 300 million without giving any reasons. It was reported that government had put on hold the issuance of all short-term and medium-term bonds to avoid a further spike in already high yields.
This year, there were plans to issue a series of short-and-medium-term bonds as part of government’s debt restructuring. They included the three-year bond coming up next week,  a five-year bond and a seven-year bond auction.
A notice from the central bank said that the three-year domestic bond would be issued on July 31.
The proceeds from the bond, which is open to both resident and non-resident investors, will be used to fund government’s budget.
Finance Minister Seth Terkper last week asked Parliament to approve a supplementary budget estimate of just over GHC 3 billion for the 2014 fiscal year to enable government to effectively run the affairs of the country.

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