Ghana : Ghana to Sell $34.4 Million of 3-Year Bonds.
This is fourth sale of the bonds this year. In January, Ghana auctioned its first three-year, fixed-rate bonds in more than a year following a decline in consumer-price inflation and a steadying of the domestic currency, the cedi. Demand was almost double the 200 million cedis offered, the bank said.
A second, 300-million cedi bond sold in March was also oversubscribed, while 87 percent of the 250 million cedis of three-year securities offered at a June 3 sale were sold.
Ghana had held off on selling any bonds apart from its weekly auctions of Treasury bills as the economy struggled with consumer-price inflation which reached a five-year high of 20.7 percent in June 2009.
The central bank began selling the longer-dated bonds as inflation slowed, declining first time below 10 percent since December 2007 to 9.5 percent in June, the Ghana Statistical Service said on June 14.
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