Ghana plans to issue GH¢22.3 billion cedis (US$3.9 billion) worth of bonds in the first quarter according to the finance ministry’s issuance calendar seen on Monday.

It said GH¢19.7 billion cedis would be used to roll over maturing bonds, while 2.6 billion is fresh issuance to meet the government’s financing requirements.

Ghana’s economy has been hard hit by the coronavirus outbreak which has curbed economic growth and widened its deficit.

The gold and cocoa-producing country is expected to tap international capital markets this year.

The calendar showed that the government plans to issue 91-day and 182-day treasury bills weekly, while 364-day treasury bills will be issued every two weeks.

It added that two- and seven-year debt will be issued through the book-building method.