Ghana listed on Wednesday (Aug 28) its recently issued USD 750mn 10-year Eurobond on the local stock exchange, providing another opportunity for investors to trade on the secondary market, Ghana Business News reported. This is the first time an African country is co-listing a Eurobond on the local bourse. The Eurobond is already listed on the Irish Stock Exchange. Ghanaian investors hold USD 16.5mn of the 2023 Eurobond.
The listing of the Eurobond is hoped to deepen the local bond market as it may serve as a benchmark for similar corporate and municipal issues. The further development of the domestic capital market should help Ghana close a wide infrastructural financing gap, estimated at USD 1.2bn a year. Ghana’s authorities and market participants also hope that the listing will encourage private firms to diversify their funding sources by tapping the local market.
With a market capitalisation of some GHS 56bn (EUR 19.6bn), the Ghana Stock Exchange is the third biggest bourse in Africa after the Johannesburg Stock Exchange and the Nigerian Stock Exchange.
Ghana sold its second Eurobond issue on July 25. The coupon was set at 7.785%, but the issue was priced to yield 8%. The West African country, which is a large producer of oil, cocoa and gold, is rated B1 by Moody’s, B+ by Fitch and B by S&P.
Related Articles
Kosmos Energy and partners start commercial operations at Mauritania-Senegal GTA LNG project
US-based oil and gas exploration and production (E&P) company Kosmos Energy has announced the start of commercial operations at the Greater Tortue Ahmeyim (GTA) liquefied natural gas (LNG) ... more
South Africa’s power utility Eskom seeking ways to support Bitcoin mining, energy-intensive technologies
South Africa’s state-owned power utility Eskom is exploring opportunities to support Bitcoin mining, artificial intelligence (AI) development, and data centres to help its future ... more
EFCC arrests ex-NNPCL official and previous Warri managing director
Nigeria’s Economic and Financial Crimes Commission (EFCC) has arrested a former CFO of the Nigerian National Petroleum Co. Ltd (NNPCL), as well as a former managing director of 125,000 barrels per ... more
Most Read
-
Putin to skip Rio BRICS summit over ICC warrant as Xi signals no-show
11 days ago
-
Turkey yet to prove rare earth deposit has suggested “giant” potential despite reported processing talks with China
10 months ago
-
Uproar in Mongolia as development bank reveals scale of risky loans and NPLs
3 years ago