Explainer: An Initial Public Offering (IPO) is oversubscribed when investor demand for the shares is more than the number of shares being issued.

According to Graphic Online, the bond was issued at a coupon rate of 8.25 per cent.

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This current rate is an improvement over the interest charged on the country's first five-year bond. The maiden five-year-bond was issued in January at a rate of 8.75 per cent.

The rate is however within the pricing guideline of 17.25 per cent to 19 per cent that was issued ahead of the sale on July 28.

Stanbic Bank, Strategic Africa Securities (SAS) and Barclays were the joint book runners.

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The bond was offered to both resident and non-resident investors.

The proceeds from the bond will be used to re-profile maturing debts of the country. Some of the money will also be used to fund infrastructure projects announced in the 2017 budget as well as other capital investments.

It will be listed on the Ghana Stock Exchange (GSE), where it will be traded until 2022 when it will mature.