Ghana is heading back to the international capital markets to lock in relatively low borrowing costs before inflation concerns push global yields up further.

West Africa’s second-biggest economy targets to issue its first zero-coupon dollar bond with four-year maturity, alongside a seven-year, 12-year and 20-year instruments, according to people familiar with the plans, who asked not to be named because they are not authorized to speak publicly about it.

The country mandated Bank of America Corp., Citigroup Inc., Standard Chartered Plc, Standard Bank Group Ltd. and Rand Merchant Bank Ltd. as lead arrangers to commence investor meetings Wednesday, the people said. Ghana also offered to buy back as much as $250 million of its outstanding 7.875% notes due 2023, at $1,108.50 per $1,000 worth of bonds held.

Ghana’s sale comes just when the increased spending by the U.S. on economic stimulus is driving up global borrowing costs. The country last sold Eurobonds in February 2020, just before the coronavirus pandemic sent benchmark U.S. Treasury yields to record lows.

The country, rated ‘B’ by Fitch Ratings and ‘B-’ by S&P Global Ratings, is seeking to raise US$5 billion, of which $1.5 billion would be used to finance the 2021 budget and the rest for liability management of domestic and international debt.