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Ghana’s Bond Sale Is Test for African Issuers Amid Debt Woes

  • Country eyes first African zero-coupon bond in $5 billion deal
  • Kenya, Angola may follow if Ghana’s sale succeeds: Gemcorp
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Ghana’s planned Eurobond sale will be a key test of appetite for African issuers after a raft of nations sought debt relief, shaking investor confidence.

Strong demand for the sale, which includes Africa’s first zero-coupon dollar bond, would encourage other African countries to tap international capital markets for money needed to roll over debt and finance strained budgets. That would also sidestep the need to seek debt relief and the questions that raises over market access, according to Gemcorp Capital LLP.