The auction, which is open to foreign investors, is the first of two domestic bonds planned for the second half of 2014.
"It is a new issue to support government finances," Abalo said, adding that another transaction of the same maturity and value will be issued in October to roll over maturing debts.
A similar auction held in May attracted a yield of 24.44 pct, and analysts forecast the new issue could attract between 23 percent and 25 percent.
Yields on Ghana's government debt have risen above the average in sub-Saharan Africa since January, reflecting the government's battle to bring down a stubbornly high budget deficit and widening debt, while the local cedi currency has slumped around 30 percent.
The yield on Bank of Ghana's 91-day bill rose to a fresh three-year high of 24.8385 percent at the weekly auction last Friday, from 24.3109 percent previously.
Source: http://www.thebftonline.com/content/bog-issue-gh¢400-million-3-yr-domestic-bond-july-31