As Ghana prepares to hit the international bonds market to raise about one billion dollars,\u00a0 the International Monetary Fund (IMF) has given its blessing to the move for the country to issue its 5th Eurobond.<\/p>\n
Prior to the approval, some financial experts have warned that the IMF may not endorse the move due to Ghana\u2019s debt but the Fund during its review of the country\u2019s Extended Credit Facility programme announced its approval of the bond.<\/p>\n
Early this year, the Finance Minister led a team of government officials to meet with investors to showcase the country\u2019s growing economic prospects in a non \u2013 deal road show.<\/p>\n
Parliament has already approved government\u2019s move to raise more funds from the international market to support the country\u2019s growing infrastructural needs, and to \u00a0repay part of its maturing debts.<\/p>\n
Even though it is not clear when government will issue the Eurobond, the head of the IMF mission to Ghana Joel Toujas-Bernat\u00e9 said in a press conference that issuing a Eurobond will be influenced by market conditions.<\/p>\n
\u201cThe concern about debt dynamic season is driven by the fiscal position. At the start of the year, they can use a large part of these cash balances if indeed the market conditions are not right for issuing a new Eurobond,\u201d he said.<\/p>\n
\u201cIf the market conditions improve and would make issuance of a Eurobond more attractive, then the strategy may change. And it is here that I think the idea is to adapt to market conditions and the fact that the authorities have this cash,\u201d he explained.<\/p>\n
He however stated that the Fund will allow Ghana to adapt very smoothly without risking any short fall in financing for the year.<\/p>\n
–<\/p>\n
By: Norvan Acquah \u2013 Hayford\/citibusinessnews.com\/Ghana<\/p>\n
<\/p>\n
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