The Government of Ghana, led by Finance Minister, Ken Ofori-Atta set out to borrow US$3 billion in its eighth Eurobond appearance but ended up receiving offers to the tune US$15 billion – reflecting investors’ appetite for Ghana’s bond according to a Citi Business report.

Ghana completed the issuance of the US$3 billion Eurobond in three installments with interest rates lower than what was given in last year’s bond issuance.

The three-tranche bond was sold with 7-year, 14-year, and 41-year maturities.

A member of the delegation who spoke to Citi Business News explained that the government accepted US$1.25 billion for the 7-year-bond at a coupon rate of 6.375 percent.

This compares favorably to an exact tenor bond government issued in 2019 with a coupon rate of 7.875 percent.

Also, the government was successful in securing US$1 billion with a maturity period of 14 years at a rate of 7.75 percent. This rate also trumps the 8.125 percent the government accepted for a 12-year bond issued as part of the 2019 Eurobond.

The last of the three bonds issued was a 41-year bond, which happens to be the longest tenor bond issued by an African country. The government accepted to borrow US$750 million at a rate of 8.75 percent for the longest bond.

Prior to the 41-year bond, the longest tenor bond issued by an African country was a 31-year bond with a coupon rate of 8.95 percent also issued by Ghana in 2019.