Charles K. Adu Boahen

The Dangote Refinery IPO: What Are Investors Really Buying?  So, a few friends considering investing in the Dangote Petroleum Refinery IPO asked me a seemingly simple question: What do I think about the offer, and would I participate? My instinct, after more than three decades around investment banking, investing and capital markets, was predictable: I went straight to the numbers.

Why rebuilding a deep and functioning domestic bond market matters for refinancing risk, fiscal resilience and Ghana's long-term financial stability. Ghana must repay GH¢111 billion of restructured domestic bonds in 2027 and 2028, comprising GH¢58 billion in 2027 and GH¢53 billion in 2028. These are the instruments that banks, pension funds, and other investors accepted in the 2022/23 Domestic Debt Exchange.