The US$3 billion Eurobond issued by the government of Ghana is said to have hit the account of the Bank of Ghana, according to reports by Citi Business News.
The country’s historic bond issuance deal reached the Bank of Ghana last Tuesday.
Experts say funds from the bond is a good cover for the country’s foreign reserves which was in excess of US$5 billion in November 2019.
In February 2020, Ghana made its eighth appearance on the Eurobond market and raised a total of US$3 billion in different bonds at various maturities.
The longest dated bond was forty-one years together with a seven-year and 14-year dated bonds.
The US$3 billion Eurobond hits Bank of Ghana’s accounts at a time the cedi is recording more than four percent gains against the US dollar.
Eurobond issuance
The three-tranche bond was sold with 7-year, 14-year, and 41-year maturities.
The government accepted US$1.25 billion for the 7-year-bond at a coupon rate of 6.375 percent.
This compares favourably to an exact tenor bond government issued in 2019 with a coupon rate of 7.875 percent.
Also, the government was successful in securing US$1 billion with a maturity period of 14 years at a rate of 7.75 percent. This rate also trumps the 8.125 percent the government accepted for a 12-year bond issued as part of the 2019 Eurobond.
The last of the three bonds issued was a 41-year bond which happens to be the longest dated bond issued by an African country. The government accepted to borrow US$750 million at a rate of 8.75 percent for the longest dated bond which matures in 2061.
Source: Ghanaweb
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Make them sell the country pr3ko! So that every body go get en share for inside! We don tire sef! Fire burn Bar-by-lon,man!
A Singaporean politician gave a perfect solution to fighting corruption(I wish I could put a link here):punish severely those at the top and corruption will stop. That is the model the Asian nations have adopted and they are on course to overtaking Europe and the West as the next Superpowers. China is already the biggest economy in the world today when you measure purchasing power parity(source:BBC). It is the single largest holder of US national debt! The person holding your balls control your steps. despite the crippling debts on African countries and their abysmal credit rating with its attendant high costs of borrowing I wonder why African countries still find corruption an attractive proposition! In China you dare not abuse your position or office for personal gain: the politurbo committee will cause your disappearance and subsequent execution or imprisonment! They hold themselves accountable and this is deliberate! In our country, they connive and cover up! MPs double-salary on my mind!
Borrowing ,borrowing, borrowing and more borrowing! A country of only 30million people, the majority of whose needs are very basic: water and food ,cannot depend on her vast natural resources and taxes! This is shocking and irritating. When you are borrowing USD3billion but loosing over USD9billion annually to corruption and bad deals then there is something wrong with our heads! It simply mean we should stop, reflect and decide what are priorities as a country are. We should make a conscious and deliberate decision as to whether we want to grow and develop or we want to pretend to. The annoying thing is that those who perpetrate corrupt acts are people we know and eat with! Those involved are deliberately lax about the laws on bribery and corruption by categorizing it a misdemeanor! Corruption should be categorized as treason because the perpetrators are murdering the state and her citizens!