Government through the Bank of Ghana will today issue its last three-year bond for the first six months of the year.
The 400 million cedi bond, JOY-BUSINESS has learnt will be used to finance debts that are maturing and support some projects outlined in the budget.
This would be the third bond issue for this year and will now bring the number of cedi denominated bonds sold since the middle of last year to about ten.
But what could be the impact of the inflows from the three year bond and the Eurobond? Mahama Iddrissu of ECOBANK capital explained.
“This is all perhaps geared towards reducing the pressure on the cedi by making available some foreign currency and this would improve business activity in the economy. Those who probably stand to benefit from this are those who buy their foreign currency through the banks and not on the open market. This is because government would only make the dollars available through the Central Bank to the lending institutions” he said.
Government in all, is hoping to raise 1.2 billion Ghana cedis, from these bonds sold since the beginning of this year.