Government is planning to raise about GH¢25 billion through bonds and treasury bills for the rest of year. This was contained in the revised issuance calendar from August to December.

The report showed that about Gh¢24 billion of the funds raised will be used to clear previous bonds issued that are maturing, with the remaining going to support fresh commitments.

The calendar showed that government's next auction will be a 5-year bond to raise GH¢1 billion in September, which government has indicated it is considering issuing it in US dollars.

A three-year bond will also be issued in November to raise GH¢700 million and it is also hoping to issue its first 10-year local bond this year to raise GH¢200 million.  

However, it is not sure for now how this borrowing will impact on public  debt which has hit 105 billion as at April this year.

According to government, the calendar aims at continuing the objective of lengthening the maturity profile by reducing the short-term borrowing.

It adds that the 3, 5, and 10-year issues will be done per the calendar through the book-building method with settlement on the last Mondays of each month. 

The amount of GH¢400.00 million for the 5-year bond in August 2016 will be raised through reopening of the existing 5-year bond (coupon of 24.75%) maturing July 19, 2021, with settlement on August 29, 2016.

The 5-year bond of GH¢1,000.00 million in September 2016 may be issued partly in a US Dollar equivalent bond, with settlements on September 12, 26, 2016 for the cedi and US dollar bonds, respectively.

These instruments may be reopened to create liquidity in the instrument.