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Tag Archives: energy bond

Finance Ministry dismisses Minority’s claims on energy bond

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The Ministry of Finance has reacted to what it describes as unsubstantiated claims by the Minority in Parliament over the energy bond. According to the Ministry, the arguments put forward by the side do not reflect the actual situation. The Minority on Wednesday held a press conference where it criticized the below 6 billion cedis yield of the bond. It ...

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Energy bond: Ghana Gas upbeat about repayment

DR BEN ASANTE

Institutions to benefit from proceeds of the energy bond are upbeat about the allocations to hit their accounts soon. One of such is the Ghana Gas Company which is owed by the VRA alone, to the tune of over 500 million dollars. The debt which is believed to have accumulated over a three year period has also made it difficult ...

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Energy bond unsuccessful after two tries

Ken Ofori-Atta - Finance Minister

ESLA Plc failed to meet the target for the first tranche of the bond after a second attempt. The managers of the bond  were seeking to raise 6 billion cedis under two separate bonds. But accrued a total of 4.69 billion cedis after it closed the auction last Friday. The 7-year bond received the targeted 2.4 billion cedis while the ...

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Energy bond auction ends today

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Government is expected to conclude the auctioning of the energy bond Friday, November 3, 2017; barring any last minute changes. Managers of the bond had to extend the auction for the bond after they failed to raise the 6 billion cedis expected. The 7 year bond made the 2.4 billion cedi mark after auctioning closed on Friday [October 27, 2017]. ...

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Govt fails to raise 6 billion cedis for energy bond

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Government failed to raise the 6 billion cedis for the energy bond it issued last week. Government was able to raise 3.4 billion cedis as at Friday, October 27, 2017. As a result, the managers of the bond have announced an extension of the auction for the 10 year bond by one more week. The 3.4 billion cedis so far ...

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Energy bond accrues GH¢ 2.2 bn so far

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The energy bond has accrued some 2.26 billion cedis so far. Citi Business News has gathered that the 7 year bond has accrued some 1.5 billion cedis while the 10 year bond has accrued about 760 million cedis. Some economists however believe the figure will increase by the close of today [Friday] when the auction is closed. Government is seeking ...

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Govt to pay 17-19% interest on energy bond

Ken Ofori-Atta - Finance Minister

Government may not be paying anything less than 17 percent in interest for the energy bond. At least this is the indication from managers of the bond following the announcement of their estimated interest rate for the energy bond. Lead managers of the bond, tell Citi Business News the target is also largely due to developments and investor appetite thus ...

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Banks to cut back lending to energy sector

Economist Dr. Lord Mensah

Banks are expected to tighten their lending to the energy sector soon. It will follow the repayment of the accumulated energy debt to the affected banks. Currently, bids are being accepted for the first tranche of the bond to raise 6 billion cedis. This is expected to close by Friday, October 27, 2017. But Economist at the University of Ghana ...

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Investor confidence for energy bond positive

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Lead managers of the energy bond have described as positive, investor confidence expressed at the road shows conducted ahead of the bond issuance. Government on Monday, October 23, 2017 concluded the two road shows for the energy bond to clear the 2.5billion dollar energy sector debt. The representatives of Fidelity Bank and Standard Chartered Bank; the lead managers for the ...

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Govt projects ‘higher’ interest rates for energy bond

Ken Ofori-Atta - Finance Minister

Government may be targeting at least 19 percent interest rate on the energy bond to be issued to clear the debts in the energy sector. Citi Business News understands this is relatively higher compared to the estimated 18 percent rate on the ten year domestic bond. Sources close to the bond issue also indicate that the corporate nature of the ...

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Ghana Business News