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      Tumisang Orebonye: Overcoming Against Adversity to Reach for the Stars

      ‘Winning The CAF Super Cup Is A Dream Come True’ – Orebonye

      BAA Needs Over P3m For World Champs

      Botswana’s Sporting Future in Jeopardy: School Sports Suspension Threatens Athletic Excellence

      No House For Tebogo Despite Astral Performance in Budapest

      “No Pressure for Tebogo at Diamond League Finals”

      BOKA Aims to Host Two Prestigious International Karate Competitions

      BOKA Aims to Host Two Prestigious International Karate Competitions

      FM Botswana 2022 conference: transformation towards a greener FM 

      StanChart CEO Underscores Role of UB Marathon in Boosting Botswana’s Sports Tourism

      No House For Tebogo Despite Astral Performance in Budapest

      No House For Tebogo Despite Astral Performance in Budapest

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      Ghana cancels another domestic bond due to high yields

      mm by RMB Africa Research
      August 31, 2022
      in News
      Reading Time: 1 min read
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      Ghana cancels another domestic bond due to high yields

      Ghana’s local currency sovereign bond yield curve. Source: ETM Analytics, Bloomberg

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      The Ghanaian government was forced to cancel yet another domestic bond auction due to high yields.

      According to Bloomberg, Ghana’s debt issuance office rescinded its decision on the issuance of its planned sale of 2-year and 5-year cedi-denominated bonds. The decision to cancel the planned auction was largely due to the increased premium demanded by investors for purchasing the bonds.

      The coupon rate for the 2-year bond was pegged at 21.50 percent, while the 5-year bond’s coupon was 20.75 percent.

      The jump in yields has not just been contained to Ghana’s hard currency and local bonds, with Treasury bill rates also surging, which has resulted in significantly higher debt servicing costs for the government.

      With major central banks still hiking rates aggressively and risk appetite weak, funding pressures in Ghana are expected to remain acute in the near term.

      Tags: domestic bond auctionGhana

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