Ghana Sells $2 Billion Bonds as Demand Exceeds Supply Fourfold
London, May 11, 2018 (ALtAfrika)-Demand for Ghana’s $2 billion of Eurobonds exceeded supply four times as the West African country convinced investors about its economic turnaround story, the Ministry of Finance said.
Ghana got more than $8 billion of bids after marketing the debt in the U.S. and London, the ministry said in emailed statement Friday. President Nana Akufo-Addo, who took office last year, has sought to rein in the fiscal deficit to help lower 14-year-high interest rates that are hampering businesses. The economy grew at the fastest pace in five years in 2017.
The ministry said $750 million represents new debt while the rest will go to swap costlier existing dollar bonds and be used for other liability management.