BoG's 5-year bond oversubscribed by 300%

The 5-year bond issued by the Bank of Ghana has been massively oversubscribed by more than 300 percent.

XYZ Business News has gathered that the long term debt instrument was oversubscribed by over one billion cedis.

However, the Central Bank accepted 898.5 million cedis of the bids auctioned on Thursday at an average yield of 23 percent.

XYZ Business News further learnt that offshore investors alone subscribed 96 percent of the bids auctioned.

However, 90 percent were accepted. Ahead of the bond issue, some analysts expressed optimism it will follow previous issue by being massively oversubscribed.