BoG supports govt to refinance ¢2.83bn 5-year bond

The government received assistance from the Bank of Ghana (BoG) in refinancing a 5-year bond worth 2.83 billion cedis that was due to mature yesterday, November 28, 2022.

Joy Business has learned that since August 2022, the BoG has been helping the government repay the maturities on its notes and bonds. This is due to the market’s lack of interest in rollovers.

Given that the yields have been averaging above 30%, the unfavorable price conditions are a serious worry.

Due to the government’s precarious financial situation, the Central Bank has been forced to contribute money to the budget.

It is typically set up as an overdraft.

Foreign investors held 26% of the 5-year bond, while institutional and individual investors held the remaining holdings.

For the second week in a row, the government reports a T-bill sale oversubscription

According to data from the Bank of Ghana, the government registered an oversubscription of Treasury bills sale for the second week in a row despite the financial difficulties it is currently facing.

It raised $2.39 billion in total, 9.9% more than the aim of $2.176 billion.

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