{"id":246767,"date":"2016-09-08T13:25:26","date_gmt":"2016-09-08T13:25:26","guid":{"rendered":"http:\/\/citifmonline.com\/?p=246767"},"modified":"2016-09-08T13:25:26","modified_gmt":"2016-09-08T13:25:26","slug":"fifth-eurobond-launch-still-on","status":"publish","type":"post","link":"https:\/\/citifmonline.com\/?p=246767","title":{"rendered":"Fifth Eurobond launch still on \u00a0"},"content":{"rendered":"

It appears government will not back down on moves to issue an Eurobond this year [2016].<\/p>\n

[contextly_sidebar id=”noy7yRGYZPEme964LdqcHDxVxgZcf9MH”]Government has been forced to put on hold issuing of the Eurobond a number of times because of current unfavorable market conditions.<\/p>\n

It was forced to put on hold<\/a><\/strong> <\/span>the launch last month [August] after investors quoting interests much higher than government had expected.<\/p>\n

Interest for the last Eurobond issued last year [October, 2015] which was backed by a World Bank guarantee of 400 million dollars was 10.75 percent, the highest attracted so far.<\/p>\n

The high interest rate being demanded by investors have been attributed to the country’s current economic challenges as well as high debt levels.<\/p>\n

But government officials are optimistic Ghana’s current program with the IMF the Extended Credit Facility, which has led to a lot of restructuring in the management of the economy and also the coming on board of the TEN oil field will inspire investors to patronize and attract a much lower interest rate<\/a><\/span> <\/strong>for the Eurobond.<\/p>\n

Government’s inability to issue the Eurobond will have dire consequences since proceeds from the Eurobond will be used to retire\u00a0 the first Eurobond which matures next year [2017].<\/p>\n

A statement from the Finance Ministry, signed by its acting Chief Director Patrick Nomo and copied to Citi Business News<\/strong> said, ‘Following from our prior road show in August 2016, when we indicated that we would continue to monitor markets with a view to a potential new Eurobond issue and our subsequent completion in early August 2016 of a US$100 million tender offer in respect of Ghana\u2019s Eurobonds due 2017, we have today announced a prospective new Eurobond issue and any and all tender offer in respect of the outstanding Eurobonds due 2017’.<\/p>\n

–<\/p>\n

By:\u00a0 Vivian Kai Lokko\/citibusinessnews.com\/Ghana<\/p>\n","protected":false},"excerpt":{"rendered":"

It appears government will not back down on moves to issue an Eurobond this year [2016]. [contextly_sidebar id=”noy7yRGYZPEme964LdqcHDxVxgZcf9MH”]Government has been forced to put on hold issuing of the Eurobond a number of times because of current unfavorable market conditions. It was forced to put on hold the launch last month [August] after investors quoting interests […]<\/p>\n","protected":false},"author":14,"featured_media":234440,"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":[121,32,171,11],"tags":[],"class_list":["post-246767","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking-and-finance","category-business","category-local-economy","category-top-stories"],"_links":{"self":[{"href":"https:\/\/citifmonline.com\/index.php?rest_route=\/wp\/v2\/posts\/246767","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=246767"}],"version-history":[{"count":0,"href":"https:\/\/citifmonline.com\/index.php?rest_route=\/wp\/v2\/posts\/246767\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/citifmonline.com\/index.php?rest_route=\/wp\/v2\/media\/234440"}],"wp:attachment":[{"href":"https:\/\/citifmonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=246767"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/citifmonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=246767"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/citifmonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=246767"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}