Ghana’s new bonds trade at yields between 9.27% and 10.02% – BoG


Ghana’s new bonds (domestic bonds) traded at yields between 9.27% and 10.02% in April 2023, data from the Bank of Ghana (BoG) has revealed.

This follows the successful restructuring of the country’s debt in February 2023 dubbed the “Domestic Debt Exchange Programme”.

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Prior to the completion of the DDEP, the old bonds traded between the rates of 16.32% and 20.74% in February 2023.

According to the data, the new bonds have been categorised into 4-year, 5-year, 6-year, 7-year all the way to the 15-year bonds.

Whilst the yield on the 4-year bond went for 9.27%, that of the 5-year, 6-year and 7-year bonds traded at rates of 9.34%, 9.41 and 9.49% respectively.

The 11-year, 12-year, 13-year, 14-year and 15-year bonds also traded at 9.79%, 9.87%, 9.87%, 10.02% and 9.46% respectively.

By comparing the current yields to the previous yields, the interest rates declined by a minimum of about 8%.

Last week, trading activity on the bond market bounced back, as total value traded shot up by 34% to ¢388.91 million.

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According to the market data, activity in the new bonds also regained momentum on the back of ¢265.88 million volume traded across the 2027-2037 segments.

The short-term instruments contributed 94.71% of the total market turnover.

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