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Ghana Selling Longest-Maturity Debt Yet to Help Deepen Market
ACCRA (Capital Markets in Africa) – Ghana is selling its longest-maturity local-currency bonds yet as the West African country looks to deepen capital markets and diversify its funding profile.
The government is planning to sell as much as 200 million cedis ($50 million) in a book-build on November 10, the Finance Ministry said in a statement on its website. Initial price guidance will be released on Nov. 7, it said.
Ghana’s longest-duration domestic existing debt yet are seven-year notes, which pay a coupon of 24.75 percent. The 10-year notes will help deepen the bonds market and establish a benchmark for corporate funding. This is very important for the future, good news for private companies who will want to take long-term loans.