Business News of Thursday, 10 January 2013
Source: GNA
Government through the Bank of Ghana will later today issue its first three-year bond for 2013.
The 400 million cedi bond, Joy Business has learnt will be used to finance the country’s maturing debts.
Sources say Bank of Ghana might accept just 500 million cedis from investors in today’s auction if oversubscribed.
The central bank is also planning to sell two additional three-year bonds this year, sometime in March and June.
In all, government is hoping to raise 1.2 billion Ghana cedis from these bonds. The last bond issued in October last year was hugely oversubscribed.
Today’s issue will now bring the number of cedi denominated bonds from the middle of last year till date to about seven.
Meanwhile, Acting Finance Minister, Dr. Kwabena Duffour tells Joy Business he expects the three-year bond to be heavily oversubscribed given the current economic environment of relative stability in the cedi and a declining inflation rate.