Ghana Eurobond Yields Fall 4th Day on Amissah-Arthur Nomination

Aug. 1 (Bloomberg) -- The yield on Ghana’s $750 million Eurobonds fell for a fourth day after President John Dramani Mahama nominated central bank governor Kwesi Amissah-Arthur to be his deputy, a week after the death of John Atta Mills.

Yield on the 8.5 percent debt, due 2017, declined six basis points to 5.589 percent as of 2:21 p.m. in Accra, the capital, the lowest since May 11 on a closing basis, according to data compiled by Bloomberg.

The appointment of Amissah-Arthur, a former deputy finance minister, was announced to lawmakers today and referred to the Parliament’s appointments committee, Speaker Joyce Bamford-Addo said during proceedings.

“Amissah Arthur’s nomination as vice president will bring vital technical expertise to the leadership and suggests policy continuity, particularly given Mahama’s commitment to continuing the late President John Atta Mills’ Better Ghana Agenda,” Sian Bradley, an analyst with risk advisory company Maplecroft, based in Bath, England, said in an e-mailed note today. “In conjunction with the smooth transition of power witnessed last week, such policy consistency is likely to support the market’s perception of decreasing risk.”

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