Ghana’s $1 billion Eurobond has seen over 100 percent subscription – to the tune of $2.2 billion – by international investors.

The country’s Finance Minister, Seth Terkper, revealed the 10 year bond, issued last week, has a yield of 8 percent. This makes it higher than Nigeria’s 6.5 percent offering and Rwanda’s 6 percent offering in April.

Since the beginning of the week, the finance minister and his team have been on a roadshow in San Francisco, Los Angeles, London, Frankfurt, New York and Boston to raise interests for the bond.

Ghana raised the $1 billion to clear maturing debts and undertake some infrastructure projects outlined in the 2013 budget. The government’s fiscal deficit had risen to 12% on the back of ballooning public wage bill and pre-election spending.

Analyst believe the fiscal deficit and low foreign exchange reserves may have necessitated the decision to lure investors with the 8 percent yield on the bond.

Though the Ghana bond recorded a double over-subscription, it is considered modest in comparison to  Rwanda’s bond sale in April which was eight times over-subscribed.

It could be a signal that investors are being cautious of the country’s fiscal challenges. Nonetheless, 8% rate on the bond is still irresistible to investors.

Only $750 million is expected to hit government’s accounts in the next few days, as $250 million would be used to settle the country’s maturing first Eurobond.

The country’s last bond in 2007 raised $750 million and had a yield of 8.5 percent. It matures in 2017. The lead arrangers for the bond were Barclays Capital and Citigroup.