Ghana has shelved plans to issue a five year amortizing U.S. dollar denominated bond on concerns that borrowing costs were too high on the international market.

The West African nation said it will monitor markets and revive the sale “at the optimal time and the right conditions,” the country’s finance minister Seth Terkper said in a statement issued at the end of a one week road show to meet investors and fixed income traders in the U.S. and U.K.

Terkper added that Ghana would still proceed with a tender offer of up to $100 million on its 2017 notes after officials from the country met investors in London, New York and Boston this week, Reuters reported.

Yields on existing dollar debts have risen in recent weeks as the cocoa producing nation exceeded its deficit target and the country’s legislators frustrated its effort to meet an International Monetary Fund (IMF) condition to allow the release of a last tranche of a credit facility.

“Government will continue to build on this dialogue with international investors, while monitoring the markets and the IMF Board process with respect to the Third Review of the Program and will issue new notes at the optimal time and the right conditions,”the statement added.

Ghana agreed to an almost $1 billion International Monetary Fund program in April 2015 as cocoa output declined and prices of commodities including gold fell.

Yields on a 2023 Eurobond issued by the cocoa producing nation jumped to the highest  in a a week on Thursday,  according to Reuters data, after news of the bond cancellation reached the markets.

Ghana, a country with some of the highest yields in Africa, failed convince investors that double digit returns were adequate compensation in the face of its shrinking oil revenue and years of overspending at a time when Mozambique’s debt crisis is making some investors wary of African issuance.

The level of Ghana’s sovereign debt dropped to 64 percent of the Gross Domestic Product as of May 2016 from above 70 percent previously.

The country’s upcoming elections in November could have also added to investors concerns as they felt the government might not be able to achieve its fiscal target this year, pulse.com reported.

“The timing of the new issue was a bit puzzling, coming to issue a bond just before some of the pending issues with the IMF were being ironed out. That’s what kept many investors away.” Nicolas Jaquier, An emerging-markets economist at Standard Life Investments Ltd. in London, told Bloomberg.