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The Bank of Ghana will issue 500 million cedis worth of three-year government bonds on October 25 to restructure short-term debt, Finance Minister Kwabena Duffuor said on Monday.

"It's purely debt management and is targeted at restructuring our short-dated instruments such as the 91-day and 180-day bills," Duffuor told Reuters.

The West African cocoa, gold and oil exporter has issued a series of three-year and five-year bonds this year to raise funds for infrastructure for debt management.

The bonds, which have been heavily oversubscribed, were also part of efforts by the central bank to mop up liquidity in support of the local cedi currency, under pressure from local dollar demand.

The yield on Ghana's short-term instruments, including its 91-day bill, is around 23 percent - almost at the same level as the yield for three-year bonds.

"As it is now, we're facing a flat yield curve and need to fix that effectively," Duffuor said, adding he expected the upcoming bond to be oversubscribed.

Source: Reuters

 

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