Government will this week be turning to some local banks and foreign investors to raise some 630 million cedis.

In that regard, the Bank of Ghana is expected to issue a three year bond on behalf of government this Thursday May 21.

Government, according to sources, would be using proceeds from the bond to restructure its debts and settle matured debts.

Industry watchers would be observing the subscription rate of this particular bond after the last bond that government issued was seriously undersubscribed.

Government was hoping to raise some 400 million Ghana cedis, however government got just 168 million Ghana cedis. But the Bank of Ghana, which sold the bonds for the state took only 103 million cedis from investors.

The state earlier this year also paid 22.49 percent on bonds issued.