Ghana’s Petrosol Bond Is 1.8 Times Oversubscribed as Bids Reach GH¢178m (US$15.9m)
An indigenous fuel retailer has become the test case for whether Ghana can borrow at home again, three years after the country defaulted on its debt. The post Ghana’s Petrosol Bond Is 1.8 Times Oversubscribed as Bids Reach GH¢178m (US$15.9m) appeared first on The Rio Times .
Petrosol Platinum Energy's maiden bond issue drew 178 percent of its intended GH¢100 million (US$8.9 million) in bids, raising GH¢178.074 million (US$15.9 million). The company sought to finance its operations by switching from credit purchases of fuel to cash procurement, and a portion of the funds would be used to expand its retail service stations.
In total, 66 investors participated in the four-year tranche, while 18 took part in the five-year note. The market response suggests that Ghanaian institutions are willing to lend, but they still prefer investing in shorter tenors.
Written by urgent.news from The Rio Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
