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ACCRA (Reuters) – Ghana will sell a new seven-year domestic bond, the finance ministry said on Thursday, three years after it suspended mid- to longer-dated domestic issuance following a debt restructuring.

The bond will have a seven-year maturity and will be marketed from March 30, with books closing April 1 and settlement on April 7, according to the ministry.

The offer is to be marketed to locals and also open to non-resident investors, in a test of foreign interest.

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The ministry said the auction was aimed at “supporting liquidity management and refinancing of maturing obligations; rebuilding a sovereign yield curve; and providing investment opportunities and restoring market confidence for retail and institutional investors”.

The minimum bids were set at 50,000 Ghanaian cedi ($4,575), according to the circular, and the coupon rate will be determined during the process.

The West African gold and cocoa producer had targeted new domestic debt issuance this year as it emerged from a 2022 debt default that involved restructuring the government’s external and local debt.

The restructuring, unprecedented on the African continent, forced the government to lean more heavily on short-term Treasury bills and private placements.