Deutsche Bank Research reports:
On September 27 this year the eyes of the international capital markets were drawn to Ghana: on that day Ghana became the first sub-Saharan country after the Republic of South Africa to issue a dollar-denominated, ten-year government bond and in so doing experienced huge demand. This important test of the international appetite for African bonds thus proved extremely positive and cleared the way for future bond issues by other promising candidates like Gabon, Kenya and Zambia...The local-currency bond market is only just starting to emerge. Nurturing its growth is, however, very high on the list of government priorities, which is also shown by the increasing liberalisation of access for foreign investors. Since December of last year foreign investors have been able to invest in capital market instruments with a maturity of at least three years. An alternative option is investing in bonds issued by the African Development Bank which are denominated in Ghanaian cedis.
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