In early February 2020, weeks before Covid-19 sent the world into lockdown, the Republic of Ghana stormed the debt capital markets with a $3 billion Eurobond. The deal marked the longest-ever bond from sub-Saharan Africa, with a 40-year maturity. At a time when developed market investors were in a desperate search for yield, it priced at just below 9%.
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Although bankers lauded the deal at the time, Ghana was borrowing far too much.
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