Ghana drew strong demand for an issue of hard-currency debt, raising $3 billion in a eurobond auction that the government said on Wednesday was five times oversubscribed. It sold $1.25 billion in seven-year bonds at a coupon of 6.375% in Tuesday's sale, as well as $1 billion in 15-year bonds with a coupon of 7.875% and $750 million in 41-year paper with a coupon of 8.875%.

The 41-year paper is the longest-dated bond for an African country, the government said in a statement. Simon Quijano-Evans, chief economist at Gemcorp Capital LLP in London, called the sale "a clear vote of confidence from the market... even if cash ratios do appear to be high among funds."