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17.11.2014 Business & Finance

Ghana gets first cedi corporate bond listing

By | GN
Ghana gets first cedi corporate bond listing
LISTEN NOV 17, 2014

Ghana witnessed the listing of its fist cedi-denominated corporate bond after Izwe Loans Ltd listed some GH¢39 million notes on the Alternative Market of Ghana Stock Exchange.

Managing Director of  Izwe Loans Kwakye  Bismarck told Joy Business the move should allow the pan-African financial services provider to raise more funds.

He adds that the process gives the company the much-needed exposure important for its success.

Kwakye Bismarck said the medium term note programme also enables the company to access the capital markets for growth.

“It provides investors with additional opportunities to what is currently offered in the fixed income market, and investors can benefit from the enhanced liquidity of corporate bonds as they are tradable on the GSE,” Mr. Bismarck said.

The tenor of the bonds ranges from 1 to 3 years and proceeds from them will be used by Izwe Loans to fund its loan book and liquidity management.

Chair of the Alternative Market board ,  Samual Agyepong Apenteng believes the move by Izwe would encourage other companies to list on the market.

The Ghana Alternative Market is part of efforts by the Ghana Stock Exchange and the Venture Capital Trust Fund to encourage small businesses to list on the local bourse  to raise medium to long term funds.

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