Business News of 2014-07-21

BoG to issue 3 year bond

The Bank of Ghana (BoG) will next week issue a three-year bond to raise an amount of 400 million Ghana cedis.
It will be the third bond issued this year.
Government in March cancelled plans to issue a 5-year domestic bond worth 300 million cedis without providing reasons.
There were reports that government had put on hold the issuance of all short-term and medium-term bonds to avoid a further spike in already high yields.
Ghana this year plans to issue a series of short-and-medium-term debt as part of government’s debt restructuring.
They included a 3-year bond, 5-year bond and a 7-year bond auction.
But the 5-year bond was put on hold early this year.
However, a notice from the central bank said government will go ahead to issue a three-year domestic bond worth 400 million cedis on the 31st July 2014.
The proceeds from the bond, which is open to both resident and non-resident investors, will be used to fund government’s budget.
Finance Minister Seth Terkper last week asked Parliament to approve a supplementary budget estimate of a little over 3 billion cedis for the 2014 fiscal year to enable government effectively run the affairs of the country.
Source: citifmonline
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