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African news explained

Ghana issues goverment bonds

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Le président ghanéen John Dramani Mahama, à Paris, le 28 mai 2013.
Le président ghanéen John Dramani Mahama, à Paris, le 28 mai 2013. Reuters/Charles Platiau

In Ghana the International Finance Corporation has secured approval to issue local currency bonds worth up to 800,000 euros. Ghana's Securities and Exchange Commission and the Ghana stock exchange gave their consent for the country's first seven-year bond on Thursday. It will be sold to domestic and foreign institutional investors. Kissy Agyeman-Togobo, a risk analyst in Accra, explains that the move is part of a growing trend among African economies.

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Ghanaa's move is the latest of several government bond issues in Africa. 

In May Rwanda issued a 350 million euro 10-year bond that attracted over two and a half billion euros worth of orders within a week.

Kenya is currently making plans to issue a 800-million-euro sovereign bond at the end of this year.

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