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More Debt: Government to issue GHC1.5bil domestic bonds on Thursday

This is the last Eurobond government will issue this year.

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Finance Minister, Seth Terkper play

Finance Minister, Seth Terkper

The Ministry of Finance will on Thursday float a 1.5 billion dollar three year domestic bond. This is to raise funds to retire maturing domestic and external debts.

Related: > Analysts' Curse Investors ditch Ghana's $1.5 bil Eurobond; Govt leaves with nothing

This is the last Eurobond government will issue this year. The bond that is target at both local and international lenders. It is however unclear what amount of interest government will get on this bond, however some analysts who have spoken to Pulse Business say, government will not get a coupon rate lower than the 23% government got with its last issue.

Related: > Economists' Corner Ghana’s 2015 Eurobond; Overview, prospects and challenges

The money will mainly be spent to retire  maturing three year bonds which will be maturing next week.

The bank of Ghana earlier this year revealed it will attempt to raise a total sum of 20 billion dollars from bond issues and securities on behalf of the Finance Ministry.

Related: > Global Investment Govt launches electronic bond market

News of this latest decision to raise more money from bond issues comes after the Ministry of Finance raised  some  billion Dollars on the Eurobond market two weeks ago at a coupon rate of 10.75 per cent . Deputy Finance Minister Monah Quartey revealed after the ministry will float subsequent bonds immediately to make up for the shortfalls.

" Parliament gave us the approval to raise a  maximum of $ 1.5billion in the Eurobond issue. This means we are at liberty to raise 500 million more. It also means there is a high probability that we will be on the market to raise more funds" she said.

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