The Government of Ghana, through the E.S.L.A Plc, raised GH¢4.7 billion through the issuance of a 7 - Year and 10 - Year Corporate Bonds, compared with a targeted amount of GH¢6.0 billion. The amount realised indicates a subscription rate of 78%.

Investors showed more interest in the 7 – Year Bond compared with the 10 – Year Bond. There was also huge domestic participation in the bonds issued on November 1, 2017 and November 6, 2017 relative to previous bonds issued in the country.

Total bids tendered for the 7 – Year Bond was GH¢2.53 billion, compared with a target GH¢2.4 billion at yields ranging from 17.50% - 19.50%. The issuer however accepted bids ranging from 17.50% - 19.00% at an amount of GH¢2.41 billion. The bond settled at a yield of 19.00% and will mature on 24th October 2024.

Meanwhile, total bids tendered for the 10 – Year Bond was GH¢2.79 billion, compared with a target GH¢3.6 billion at yields ranging from 19.00% - 20.00%. The issuer accepted bids ranging from 19.00% - 19.50% at an amount of GH¢2.29 billion. The bond settled at a yield of 19.50% and will mature on 27th October 2027.

Repayment of the bonds will come from inflow from the Energy Debt Recovery Levy that was passed by the Parliament of Ghana in December 2015.

Lead managers of the bonds were Standard Chartered Bank and Fidelity Bank Ghana. GCB Bank and Temple Investments were the co-managers.

The amount realised will be used to clear part of the about GH¢10 billion debt owed to some banks in Ghana and the bulk oil distributors.

The bonds will be listed on the Ghana Stock Exchange.