Ghana: Bids open for bonds to clear energy debt

The authorities extended by one day, to 27 October, the deadline for investors to bid for domestic seven- and ten-year bonds worth up to 6bn cedis ($1.4bn) to settle debt arrears that have been accumulated by state energy companies Electricity Company of Ghana, Volta River Authority and Ghana Grid Company. The local currency bonds – which do not have a sovereign guarantee – are the largest component of a borrowing programme for the government to raise up to 10bn cedis to settle debts owed to banks and bulk oil distributors.