Bloomberg reports that Ghana, the world second largest cocoa producer, is planning to open its short end of the debt market to foreign investors this year as the west African nation seek to narrow a widening budget deficit.

Samuel Donyina-Ameyaw, the director of debt management at Ghana’s Finance Ministry, told Bloomberg the government is likely decide by the end of today to allow offshore investors to buy two-year cedi bonds, while still barring them from one-year maturities

Foreigners are currently allowed to only buy domestic bonds with terms of three years and higher.

Ghana is  targeting to narrow its budget deficit to 8.5 percent of gross domestic product this year from 10.2 percent last year.

The second-biggest economy in the region is also planning to issue a debut 10-year paper  this year. The longest tenure paper in the markets is expected to be sold around June.

The longest cedi bonds Ghana currently offers have seven-year tenures and yields on the notes sold in November and is currently trading at a 19 percent yield, Bloomberg quoted data from Standard Chartered Plc.

Bank of Ghana Governor Kofi Wampah in November suggested to the ministry it consider opening one- and two-year notes to foreign investors. The central bank plans to increase issuance by 35 percent in the first half of the year, according to a statement yesterday in the Ghanaian Times.