Ghana prolongs energy bond sale

ACCRA, October 26, 2017 – Bidding for Ghana’s first-ever energy bond will be extended until Friday, the advisers on the sale announced Thursday.

The GHS 6-billion (USD 1.36-billion) bond was originally set to close Thursday, but due to strong demand, it has been extended for another day. The bond is divided into seven- and 10-year tranches, and it will be funded through energy taxes. The proceeds will be used to pay the state-owned electricity and petroleum utilities’ debts. The arrangers are the local arms of Standard Chartered and Fidelity Bank.

“We will do the first tranche, size up the market and then come back,” finance minister Ken Ofori Atta told the media earlier this month. “You don’t necessarily need to do all the GHS 10 billion right now.”

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