August 25, 2017 / 4:01 PM / a month ago

Ghana sells 434.5 mln ($97.75 mln) cedis in 10-yr tap at 17.85-18.25 pct yield

ACCRA, Aug 25 (Reuters) - Ghana sold 434.5 million cedis ($97.75 mln) of a 10-year domestic tap bond on Friday at a yield range of 17.85-18.25 percent, lead arranger Barclays Bank Ghana said.

The reopened bond with a 2026 maturity, was initially issued in November last year at 19 percent yield. Friday’s total bids tendered amounted to 459.5 million, Barclays said.

The government of President Nana Akufo-Addo, who took power in January, is trying to rebalance the West African country’s finances as it faces large debts from years of overspending and lower commodity prices.

“Part of the strategy is to do more taps as opposed to fresh issuances in order to build benchmark securities,” a government source close to the transaction told Reuters on Friday.

$1 = 4.4450 Ghana cedis Reporting by Kwasi Kpodo; Editing by Robin Pomeroy

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