The 7-year bond issued by the Bank of Ghana has been oversubscribed by 46 percent.

The bond was oversubscribed to the tune of 146.16 million Ghana Cedis. However 100.16 million Ghana Cedis of the bids were accepted.

The coupon rate for the debt instrument issued at par is 18 percent. XYZ BUSINESS learnt the bond was mainly subscribed by foreign investors.

This is the second 7-year bond issued by the Central Bank. The first ever 7-year domestic bond was massively oversubscribed by 170 percent mainly by foreigners.

The proceeds were used to restructure debts, benchmark subsequent bonds and also finance capital projects. The debt instrument is expected to mature on November 21, 2020.