{"id":323638,"date":"2017-05-30T06:05:08","date_gmt":"2017-05-30T06:05:08","guid":{"rendered":"http:\/\/citifmonline.com\/?p=323638"},"modified":"2017-05-30T06:05:08","modified_gmt":"2017-05-30T06:05:08","slug":"govt-seeks-transaction-advisor-for-2-5bn-energy-bond","status":"publish","type":"post","link":"https:\/\/citifmonline.com\/2017\/05\/govt-seeks-transaction-advisor-for-2-5bn-energy-bond\/","title":{"rendered":"Govt seeks transaction advisor for $ 2.5bn energy bond"},"content":{"rendered":"<p>Government through the Finance Ministry, is seeking transaction advisors for its 2.5 billion dollars (10 billion cedis) energy bond to repay legacy debts in the energy sector.<\/p>\n<p>According to government, the move is to <span style=\"color: #666699;\"><strong><a style=\"color: #666699;\" href=\"http:\/\/citibusinessnews.com\/index.php\/2017\/05\/25\/timing-of-energy-bond-critical-for-its-success-prof-bokpin\/\" target=\"_blank\">put the energy sector back on a strong financial footing<\/a> <\/strong><\/span>as part of comprehensive steps to resolve the sector\u2019s challenges in a sustainable manner.<\/p>\n<p>In an exclusive interview with the Head of the Citi Business News desk, Vivian Kai Lokko on the sidelines of the Spring Meetings in Washington, DC, Vice President Dr. Mahamudu Bawumia was also <span style=\"color: #666699;\"><strong><a style=\"color: #666699;\" href=\"http:\/\/citibusinessnews.com\/index.php\/2017\/04\/21\/govt-to-issue-15-yr-bond-to-clear-2-4bn-energy-debts\/\" target=\"_blank\">confident of increased investments <\/a><\/strong><\/span>to the SoE\u2019s with the complete repayment of the debt.<\/p>\n<p>\u201cThere is a 2.4 billion dollar debt that is hanging over the neck of state owned enterprises\u2026What we are going to do is to issue a 15 year long term bond to deal with this debt,\u201d he stated.<\/p>\n<p>Dr. Bawumia added, \u201cWhat we will do is that we will have one bond which will take off all those liabilities and government will service those bonds with the ESLA revenues. So it is a meter situation that will allow the space for our energy companies to have stronger balance sheets to grow, invest and attract investments.\u201d<\/p>\n<p>A statement by the Bank of Ghana (BoG) on the selection also said the advisor will support the process leading to the issuance of a Cedi denominated long-term bond to refinance the estimated 10 billion cedis debt.<\/p>\n<p>The successful advisor shall among others advise, guide and drive the transaction process as well as structure and document the transaction.<\/p>\n<p>The term of the contract shall be for a period of six (6) months but may be extended based on discretion.<\/p>\n<p><strong>Minority questions \u2018delays\u2019<\/strong><\/p>\n<p>On Monday, the Minority in Parliament raised concerns over the duration of the issuance of the bonds rejecting government\u2019s assertions that there is increased investor confidence following the success of the 2.25 billion dollars domestic bond.<\/p>\n<p><strong>Energy bonds not to increase debt burden<\/strong><\/p>\n<p>Earlier, the Governor of the Bank of Ghana, Dr. Ernest Addison also told <strong>Citi Business News<\/strong> <span style=\"color: #666699;\"><a style=\"color: #666699;\" href=\"http:\/\/citibusinessnews.com\/index.php\/2017\/05\/23\/energy-sector-bond-wont-affect-national-debt-bog-governor\/\" target=\"_blank\"><strong>the bond will not add<\/strong> <\/a><\/span>on to the government\u2019s debt which is currently estimated at 127 billion cedis.<\/p>\n<p>\u201cIt depends on how it is done if it is issued as a government debt then it will become part of the stock of debt that compute, on the other hand from what I understand\u00a0it will done through the special purpose vehicle and used the ESLA payment to service that debt, so if that is done then it might not necessary be part of the government\u201d, he explained.<\/p>\n<p>Dr. Addison maintained that it is important for the debt to be cleared to provide some space for the banks.<\/p>\n<p>He was of the view that the bond may rather restructure the debt and give major state owned power companies a clean sheet to invest.<\/p>\n<p>&#8211;<\/p>\n<p>By: Pius Amihere Eduku\/citibusinessnews.com\/Ghana<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Government through the Finance Ministry, is seeking transaction advisors for its 2.5 billion dollars (10 billion cedis) energy bond to repay legacy debts in the energy sector. According to government, the move is to put the energy sector back on a strong financial footing as part of comprehensive steps to resolve the sector\u2019s challenges in [&hellip;]<\/p>\n","protected":false},"author":14,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[121,32,171,11],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Govt seeks transaction advisor for $ 2.5bn energy bond - Citi 97.3 FM - Relevant Radio. 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