March 9, 2017 / 4:44 PM / 5 months ago

Ghana sells 1.01 bln cedi 3-yr bond with 21.5 pct yield

ACCRA, March 9 (Reuters) - Ghana accepted 1.01 billion cedis ($218.6 million) worth of bids for a three-year domestic bond issued on Thursday that will pay a yield of 21.5 percent, lead arrangers said. The new government of President Nana Akufo-Addo, who took over in January, is trying to rebalance its finances as it faces large debts caused by years of overspending and lower than projected oil prices.

It plans to review a $918 million programme with the International Monetary Fund (IMF) that it says has so far failed to resolve the issue. ($1= 4.6224 cedis) (Reporting by Kwasi Kpodo; Editing by Tim Cocks)

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