The debt management division of the Ministry of Finance must draw up a plan to arrest the surge in exchange rate volatility before issuing this year’s 1 billion dollar Eurobond.<\/p>\n
[contextly_sidebar id=”VPiOTVUxCCKXlAwXP7H1eTM4IDG6zfHF”]This is according to the head of the finance department of the University of Ghana Business School Dr. Godfred Bokpin.<\/p>\n
The International Monetary Fund (IMF) in its latest World Economic Outlook is warning sub-Saharan African countries including Ghana, to put in place contingency plans before issuing Eurobonds this year because it envisages possible surges in exchange rates volatility.<\/p>\n
“it is largely expected because of the volatility in the foreign exchange market and also because of the composition of our public debt . almost 24% of our public debt is external and if you take this 24% almost 48% of our external debt as at march 2014 was denominated in the US dollar , with 28% in SDR (special drawing right) “, Dr. Bokpin stated.<\/p>\n
The consistent slide in commodity prices including oil, gold and cocoa has exposed Ghana because the country’s foreign earnings don’t properly align to the foreign component of the public debt.<\/p>\n
However Dr. Bokpin says government has no option than to issue the Eurobonds to retire debts which would mature in 2017 as well as fund capital projects.<\/p>\n
Government has confirmed to Citi Business News that it will issue the 1billion dollar Eurobond by June this year.
\n–
\nBy: Rabiu Alhassan\/citifmonline.com\/Ghana<\/p>\n","protected":false},"excerpt":{"rendered":"
The debt management division of the Ministry of Finance must draw up a plan to arrest the surge in exchange rate volatility before issuing this year’s 1 billion dollar Eurobond. [contextly_sidebar id=”VPiOTVUxCCKXlAwXP7H1eTM4IDG6zfHF”]This is according to the head of the finance department of the University of Ghana Business School Dr. Godfred Bokpin. The International Monetary Fund […]<\/p>\n","protected":false},"author":14,"featured_media":37044,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"jnews_social_meta":[],"jnews_override_counter":[],"footnotes":""},"categories":[],"tags":[21,4],"class_list":["post-109150","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","tag-psychiatric","tag-st-augustines-college"],"_links":{"self":[{"href":"https:\/\/citifmonline.com\/index.php?rest_route=\/wp\/v2\/posts\/109150","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/citifmonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/citifmonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/citifmonline.com\/index.php?rest_route=\/wp\/v2\/users\/14"}],"replies":[{"embeddable":true,"href":"https:\/\/citifmonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=109150"}],"version-history":[{"count":0,"href":"https:\/\/citifmonline.com\/index.php?rest_route=\/wp\/v2\/posts\/109150\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/citifmonline.com\/index.php?rest_route=\/wp\/v2\/media\/37044"}],"wp:attachment":[{"href":"https:\/\/citifmonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=109150"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/citifmonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=109150"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/citifmonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=109150"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}