ACCRA – Ghana accepted 393.6 million cedis ($88.9 mln) worth of bids for an oversubscribed three-year domestic bond sold on Friday at a yield of 18.5 percent, the central bank said.
The government of President Nana Akufo-Addo, who took power in January, is trying to rebalance its finances as it faces large debts caused by years of overspending and lower than projected commodity prices.
Total bids for the bond, opened to foreign investors, were 498.3 million cedis. The target for the issue was 300 million.
Ghana, which exports cocoa, gold and oil, is following a three-year $918 million aid programme with the International Monetary Fund.
The government plans to issue 17.43 billion cedis of domestic instruments in the third quarter for financing and to restructure its debt, including a new 15-year bond in August worth 2.6 billion cedis.