The second three-year Government of Ghana bond issued on Thursday has been massively oversubscribed by more than one hundred percent to the tune of 915 million Ghana cedis.

The Bank of Ghana however accepted 416 million Ghana cedis of the total bids auctioned at a yield of 16.9 percent.

XYZ Business understands foreign investors subscribed 98 percent of the bids accepted for the first bond issue this year.

This indicates that investor confidence in the economy is very high.

Analysts had earlier predicted a yield in the region of between 15 and 15.3 percent.

Head of Research at Databank Group, Sampson Akligoh told XYZ BUSINESS that the Ghanaian fixed income market is so attractive to investors despite the expected decline in the yield curve.