The Bank of Ghana said the government accepted GH¢3.15 billion of bids for a new four-year cedi bond at a yield of 12%, with settlement on 7 September.
Investors had tendered GH¢4.46 billion. That is about GH¢1.42 offered for every GH¢1 accepted.
The figures come from the central bank’s notice of Tender 2023, held on 4 September. The notice records GH¢4,462.38 million tendered and GH¢3,149.12 million accepted, with the four-year fixed-rate bond allotted in full at 12%.
The Ministry of Finance had opened the book-build on 1 September as part of its domestic borrowing programme. The announcement set 7 September as the settlement and issue date and described a four-year note maturing in 2030, to be listed on the Ghana Stock Exchange.
The instrument extends government borrowing beyond the short-term Treasury-bill market. For the week of 7 to 11 September, Bank of Ghana data showed interest rates of 4.805% on the 91-day bill, 6.6831% on the 182-day bill and 10.1169% on the 364-day bill.
Those bills have different maturities, so their rates are not a direct comparison with the four-year yield. The bond does give an observable price for lending cedis to the government over a longer period.