Jubilee Bond offer fails to meet target

Accra, Aug 14, GNA - Government's five-year Golden Jubilee Savings Bond offer, has raised 20 million Ghana cedis, falling short of the expected 50 million Ghana cedis.

The Strategic African Securities Limited (SAS), the lead advisors of the Bond announced in a statement copied to the Ghana News Agency on Wednesday.

The amount, which Government intended to use mainly for infrastructural development, was raised from Ghanaians both at home and abroad.

The statement said GH¢18,730,000 was realised from local sales and GH¢1,100,000 from abroad. The internationals sales came from UK, Canada, and USA.

SAS Finance Group, on behalf of the Government of Ghana thanked the public for ensuring a successful offer. The General Manager of SAS, Mr Ken Mpare declined to comment on the result saying, the Ministry of Finance will do so in the near future. The jubilee savings bond was issued at a face value of 10 GH cedis and in multiples of 10 GH cedis thereafter. Interest rate for the bond was fixed at the prevailing five-year Government of Ghana rate on the issue date for investors. Retail investors were to receive additional interest of 0.5 percent plus the prevailing rate on the Government of Ghana five-year Bond.