Ghana Target $2.5 Billion Euro bond Issuance
Ghana has raised its target for the sale of Eurobonds to as much as $2.5 billion, of which the country wants to use more than half to pay existing debt, said Finance Minister Ken Ofori-Atta.
Already the government has approached the parliament seeking approval for the issuance of bonds to refinance maturing external bonds and expensive domestic cedi-denominated debts.It is requesting Parliament for the issuance of the 2018 sovereign bond and the global depository note to use $1.50 billion to refinance maturing external bonds, including the 2022 and 2023 Eurobonds.
In an interview with a Ghana tabloid, the Daily Graphic, the Chairman of the Finance Committee, Dr Mark Assibey-Yeboah, said some of the bonds were expensive and, therefore, the government wanted to borrow the money this year to refinance the bonds.
Again, he said, the government wanted to borrow to finance the 2018 budget, adding that the committee would study the request and present its report to Parliament for consideration.