Ghana decided not to issue a 5-year treasury bond due to “unfavorable conditions” on the financial market, the finance minister informed in a note sent to investors.

The minister had decided to issue the bonds in local currency to refinance its debt but, the required interest rates, between 19.75% and 21.5%, were deemed too high and the market was also too volatile. Coupled with the low demands from investors, these "unfavorable conditions" led to this decision.

"Due to current market conditions, the issuer has decided not to proceed with the proposed September 2018 5-year Treasury bond issuance (rollover) at this time", the finance minister explained in the note sent to investors.

According to the country’s central bank’s data, on August 30, 2018, Ghana’s public debt was GHS159.4 billion (about $33.5 billion) representing 65% of GDP. Domestic debt was GHS73.8 billion ($15.5 billion), 30.6% of GDP while external debt was GHS85.5 billion (about $18 billion) ; 35.4% of GDP.

The central bank also indicated that the country’s public debt rose by GHS5.1 billion (about $1 billion) in May-August 2018.

This year, the country will complete a $918 million 3-year support plan initiated with IMF to stabilize its economy which was affected in the recent years by an increase of inflation and debt as well as a slowdown in growth.

The country which exports cocoa, gold and oil seems to have decided not to sign another support program with IMF in 2019. Indeed, last February, Ghana’s president Nana Akufo-Addo, announced that his country has decided to fund its budget with its own public revenues and not to take any of IMF's loans. "Our economic revival will fund our budget", he said.