A Ghana-based firm, Adonko Ltd offered fresh 15-year bonds denominated in U.S. dollars the Ghanaian, Nigerian and Liberian bond markets. With the help of brokers, the firm sold all the bonds with total face value of GHS 10 million to few institutional investors for a total proceeds of GHS 9.5 million. Few months later, the firm used 70 percent of the proceeds from the bonds to buy a manufacturing plant from a manufacturer in China