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Investors Say No Thanks to Ghana Debt Offering Yield Above 20%

A street vendor carries a container of smoked fish on her head in Accra.

A street vendor carries a container of smoked fish on her head in Accra.

Photographer: Nicholas Seun Adatsi/Bloomberg

In a world awash with negative yields, Ghana offered debt returning more than 20% -- and investors weren’t interested.

The West African nation sold 162.1 million cedis ($30 million) of 20-year bonds Thursday with a yield of 20.2%, well short of its target of raising 450 million cedis, as investors balked at the term and currency risk.