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Diaspora interest for Golden Jubilee Savings Bonds compels
offer period extension
Accra, March 21, Ghanadot/GNA - The overwhelming interest of
Ghanaians in the Diaspora for the Golden Jubilee Savings
Bonds has compelled Government to extend the offer period to
June 30, 2008.
The lead managers of the offer, Strategic African Securities
(SAS) Finance Group stated this in an interview with the
Ghana News Agency on Friday.
Mr Mawuli Hedo one of the Advisors on the bond issue said:
"The extension is in response to the significant interest
shown by Ghanaians in the diaspora and their overwhelming
request for the offer period to be extended."
He said the extension would also provide the opportunity to
most Ghanaians to invest in the bond.
The keen interest by people in the Diaspora was realised
when in February last month, official from government and
advisors of SAS Finance Group visited some countries in
Europe and North America to market the bonds.
The five-year long term has an effective annual interest
rate of 16.1 percent.
The delegation, which comprised Dr. Sam Mensah, the
Technical Advisor to the Minister of Finance and Economic
Planning, Mr. Edward Abrokwah also of the Ministry and Mr.
Malwuli Hedo and Edem Avotri both of SAS Finance Group
launched the bonds in the United Kingdom, Germany, USA and
Canada.
Mr Hedo said Ghanaians in Europe and North America who did
not get the opportunity to invest during the initial offer
period, could do so now through the Ghanaian Embassies in
United Kingdom, Germany, Washington, New York, Toronto and
Ottawa.
"It is a wonderful opportunity for every Ghanaian to grow
their wealth," he said and noted that interest on the bonds
starts accruing from the day of purchase until redemption
date.
Government aimed at raising GH¢50 million to embark on
infrastructural development in every region in the country.
The bond has a face value of GH¢10 and in multiples of GH¢10
thereafter with an interest rate to be fixed at the
prevailing 5-year Government of Ghana rate on the issue date
for investors.
Retail investors would receive additional interest of 0.5
percent plus the prevailing rate on the Government of Ghana
5-year Bond.
It has a minimum holding period of three (3) years after,
which they might be redeemed at face value plus accrued
interest.
There is an early redemption charge of 1.5 percent in the
fourth (4th) year and 1 percent in the fifth (5th).
GNA
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