Ghana Said to Meet Investors Ahead of First Domestic Dollar Bond

ACCRA, Capital Markets in Africa: Ghana is meeting investors as the nation prepares to sell bonds for as much as $100 million in its first issuance of foreign-currency debt to domestic buyers, according to a person familiar with the matter.

The country will offer the bonds at a rate of 5 percent to 7 percent, the person said, who asked not to be identified as the information isn’t public. The bond will be issued in the place of cedi notes of the same value, as the government tests local demand for foreign currency investments, the person said.

Finance Minister Seth Terkper couldn’t immediately comment when contacted by phone.

Ghana’s preparation to sell the dollar notes domestically comes a week after the country sold $750 million in Eurobonds to international investors. It is issuing debt while awaiting a review from the International Monetary Fund on economic reforms since agreeing to a bailout plan of almost $1 billion in April 2015.