Government of Ghana (GoG) is planning to issue a total amount of Ghs 22,346 million in fresh domestic debt issuance for the first quarter of 2021.
Of the total debt to be issued for Q1 2021, Ghs 19,732 million is to rollover maturities with the remaining Ghs 2,613 million being fresh issuance to meet government’s financing requirements.
Domestic investors will be able to invest up to Ghs 13.51billion in short-term government debt securities, which are not open to foreign investors. This comprises debt securities with tenors of 91 days, 182 days and 364 days to be issued during the period.
The remaining securities of Ghs 8.84 billion, comprising debt securities with tenors from two years up to 20 years, will be made available to non-resident investors as well, who have tended to dominate subscriptions of such medium to long-term issuances.
Total amounts of Ghs 10.4 billion, Ghs 1.7 billion and Ghs 1.41 billion will be issued via auction for the 91-day, 182-day, and 364-day bills, respectively.
For securities with higher tenors, government will issue them through the book-building method.
Amounts of Ghs 4.13 billion and Ghs 1.7 billion will be issued for the 2-year notes and 3-year bonds, along with a targeted amount of Ghs 1.4 billion in 5-year bonds. Totals of Ghs 800 million and Ghs 700 million are targeted for the 6-year and 7-year bonds respectively.
For the 20-year bond, Ghs 111.4 million is expected to be issued as a shelf offering, which will be re-opened based on investors’ request and dependent on market conditions.
