Ghana Central Bank sells 320m cedis in bonds

Apr 28, 2011

Ghana's central bank offered 320 million cedis (€144 million) worth of bonds in an auction on Wednesday April 27th.

It is the country's second three-year bond issue of 2011.

The government's objective is to raise funds to pay off maturing debt, said Collins Antwi, Assistant Director at the Bank of Ghana's treasury department, quoted by Bloomberg news agency.

Writing on its website, the central bank stated that sales of the bond will settle on May 2nd, adding that the last sale of the same duration, on February 16th 2011, sold for 401.2 million cedis at a 13.45 per cent yield and was oversubscribed by 88 per cent.

Biggles Amponsah from Access Bank told Ghanaweb news site he expected "about $100 million (€67 million) in inflows" for the bond.

The news source also reported that dealers said the bond could push the cedi to a near three-week high of 1.50 to the dollar in coming days.