Ghana’s Central Bank refunds GH¢400m to investors after oversubscribed bond
This is because the government’s three-year bond which was to raise GH¢200 million to fund maturing debts and finance government’s expenditure was hugely oversubscribed.
The bank received GH¢639 million in bids.
Adams Nyinaku, Head of the bank’s treasury said GH¢169 million worth of accepted bids were from offshore investors.
The bond was oversubscribed to the GH¢639 million for which the government accepted GH¢219 million at a yield of 14.99 per cent.
The bond sale, Ghana’s first auction of 2012 open to offshore investors, had been seen as a test of foreign appetite in Ghana during an election year.
Source: Daily Graphic