The latest bond issued by Ghana broke a sad record. The country of President Nana Akufo-Addo issued Thursday, August 22, on the country's bond market, the equivalent of 162.1 million Cedis (30 million dollars). The bonds were traded with a yield of 20.2% for a maturity of 20 years. In comparison, the States of the Economic and Monetary Union raise money from the WAMU-Titres counter at rates of 5 to 6% for maturities, it is true, between 5 and 7 years. On the BRVM bond market, which is less frequented than in the past, bonds issued by these same States fluctuate between 6 and 8% for longer maturities. This means, all comparisons being equal, the low level of confidence enjoyed by Ghana's signature in its domestic market compared to the signature of the 8 WAEMU states (including Guinea Bissau) in the regional financial market.

This loss of investor confidence, a veritable barometer of President Nana Akufo-Addo's public policies, can be clearly seen in the result of the August 22 loan. Thus, the amount mobilized was far from the objectives which were to raise 450 million cedis. Even at a yield of 20%, capital holders consider the level of remuneration low enough to keep “Ghana Bond” in their portfolios. On arrival, therefore, 36% (162.1 million cedis against 450 million cedis) of the amount projected at the start was missing. Investors' fear is fueled in part by the still high currency risk on the cedi.

For the head of finance at GCB Bank Ltd, Anthony Asare, quoted by Bloomberg, “the maturity of this bond is too long for the level of investor confidence in the country's economy”.

After the end of the International Monetary Fund's four-year program in Ghana last April, the authorities revised their budget deficit forecast upwards. Thus, the deficit goes to 4.5% of GDP against 4.2% during the mid-term budget review. According to the statistics of some economic indicators of the country, inflation accelerated to reach 9.4% in July. The cedi depreciated against the main currencies, notably the dollar. The local currency lost 10% against the greenback. These red signals did not leave the Minister of Economy and Finance, Ken Ofori-Atta, indifferent. The state treasurer warned: “this month, the country was at high risk of over-indebtedness”. As a reminder, since the end of the IMF program, Ghana has decided to no longer seek credit from the Breton Woods institution to finance its budget.