The Bank of Ghana (BoG) has issued a 3-year fixed rate bond for January to June 2016 to enable it raise GHC 500 million to restructure GoG debt and for maturity settlement.

A statement on its website signed by Caroline Otoo, the board’s secretary on 5 January said: “In accordance with the Issuance Calendar for Government of Ghana Securities for January to June 2016, Bank of Ghana invites bids for the issue of a 3-year fixed rate bond on behalf of the Government of Ghana through the Auction process.

The instrument, according to the statement, will be Ghana cedi-denominated and will be issued at par. It shall bear a coupon rate equal to the highest competitive bid accepted at the auction for the security. The coupon rate so fixed shall carry throughout the term of the security.”

The 3-year Fixed Rate Bond shall be available to both resident and non-resident investors, the statement said.

The security shall be listed on the Ghana Stock Exchange (GSE) for secondary market trading both at the floor of the Exchange or over the counter (OTC). Trading in the securities is subject to the listing rules of the GSE for Government Securities.

The Bond shall be redeemed by the issuer on the maturity date, which shall be 7 th January, 2019. Such redemption shall be at par.