The Minister of Finance, Seth Terkper has revealed that government intends to issue a $1 billion 10-year Eurobond in 2015.
[contextly_sidebar id=”Q0vuonLGLgCQdHaKlhJ05IxvS7NLKqrQ”]This according to the minister is to settle government debts that will mature in 2017.
Finance Minister Seth Terkper told international news agency, Reuters, after a financial assistance deal agreed last week with the International Monetary Fund.
“The government will also continue to use its oil stabilization fund, oil price hedging and monetary tightening to manage foreign exchange volatility for Ghana’s cedi currency,” Terkper added.
$1 billion Eurobond in 2014
Government in 2014 listed three separate Eurobonds on the Ghana Stock Exchange; the third one, which was issued on September 11, 2011, raised an amount of 1 billion US dollars.
Issuance of the $1 billion Eurobond in 2014, which was aimed at financing government expenditure and infrastructure, was highly criticized while the opposition New Patriotic Party (NPP) called on government to account for the money.
IMF to give Ghana $940 million
Meanwhile, in its quest to elevate Ghana from its ailing economy, the International Monetary Fund (IMF) has promised to give the nation $940 million.
The IMF announced its Executive Board will meet on the amount in early April 2015.
The IMF team, led by Joel Toujas-Bernate clarified that the $940 million is for balance of payment supports and not direct budgetary injections.
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By: Godwin Allotey Akweiteh/citifmonline.com/Ghana