The yield,however, was 18.85%, 0.10% higher than the 2-year bond issued last month, according to auctioning results.
The government raised GHS668.76 million at 18.75% from the issuance of the 2-year bond last month.
Analysts had forecast a yield of less than 19%.
Because of theimpact of the COVID-19 on the global economy, the amount raised from both domestic and foreign investors was good, some analysts told Class Business.
The chunk of the funds will be used to finance maturing debts.
The debt instrument, which is expected to mature in 2023, was opened to both resident and non-resident investors.
Absa, Databank, Fidelity, IC Securities, Stanbic were joint lead managers for the issuance of the debt instrument.
The government of Ghana accepted GHS1.07 billion of all bids submitted for the 3-year bond issued in March 2020 before the peak of COVID-19.
The coupon rate or yield was 20.75%, the same as the last 3-year bond issued in January 2020.
The country is targeting GHS67.07 billion in total revenue and grants for this year. But the coronavirus pandemic makes it practically impossible.
The government is expected to spend about GHS22 billion on interest payments this year.
Interest payments on Ghana’s debt increased by 8.97% to 40.71% at the end of the third quarter of 2019.
On 30 September 2018, interest payments alone on loans contracted by the government of Ghana were estimated to have grown to about 31.73%. Gov’t accepts all GHS751m bids for 3-year bond