Finance Ghana fails to raise 6 billion cedis for energy bond

As at Friday, October 27, 2017, the government was able to raise 3.4 billion cedis.

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The Government of Ghana failed to raise the 6 billion cedis for the energy bond it issued last week.

As at Friday, October 27, 2017, the government was able to raise 3.4 billion cedis.

The managers of the bond have, therefore, announced an extension of the auction for the 10 year bond by one more week.

READ ALSO: Ghana opens bids for $1.36 billion energy bonds

The 3.4 billion cedis raised represents about 57 percent of the 6 billion cedis needed.

However, more than seventy percent or 2.5 billion cedis of the amount, was realized from the 7-year bond issued.

The 10-year-bond attracted 902 million cedis, which is far less than the 3.6 billion cedis target.

READ ALSO: Here’s why you should buy a franchise instead of starting your own business

The 7-year and 10-year bonds form part of the government’s plans to raise a total of GHS10 billion to settle debts owed by state power utilities to banks and bulk oil distributors.

Standard Chartered Bank and local lender Fidelity were named as lead managers for the bond.

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