Demand for Ghana’s $2 billion of Eurobonds exceeded supply four times as the West African country convinced investors about its economic turnaround story, the Ministry of Finance said.
and a depreciating currency.
African nations have sold more than $20 billion of euro and dollar-denominated debt so far in 2018, already beating full-year records. Ghana joined Nigeria, Kenya, Senegal, Egypt and Angola in issuing 30-year tranches.
The ministry said $750 million represents new debt while the rest will go to swap costlier existing dollar bonds and be used for other liability management.
By Moses Mozart Dzawu, Bloomberg
With assistance by Ekow Dontoh