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    A petrol station worker fuels a car along Kimathi street on July 14 2019,after the Energy and Petroleum Regulatory Authority (EPRA) announced new retail pump prices of petroleum products effective from July 15 to August 14, 2019.price of super petrol increase by Sh0.29 per litre while diesel and kerosene decreased by Sh0.88 and SH2.31 per litre respectively.PHOTO|SILA KIPLAGAT

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    A petrol station worker fuels a car along Kimathi street on July 14 2019,after the Energy and Petroleum Regulatory Authority (EPRA) announced new retail pump prices of petroleum products effective from July 15 to August 14, 2019.price of super petrol increase by Sh0.29 per litre while diesel and kerosene decreased by Sh0.88 and SH2.31 per litre respectively.PHOTO|SILA KIPLAGAT

    NPA allays fears of fuel scarcity in the country

    Fuel prices to rise marginally in second pricing window of May – IES

    Gov’t to put measures in place to reduce ‘imported inflation’ – Ofori-Atta

    Businesses will pass on increased cost of production from high utility tariffs – GNCCI

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    The seven factors driving high cost of living in Ghana

    A petrol station worker fuels a car along Kimathi street on July 14 2019,after the Energy and Petroleum Regulatory Authority (EPRA) announced new retail pump prices of petroleum products effective from July 15 to August 14, 2019.price of super petrol increase by Sh0.29 per litre while diesel and kerosene decreased by Sh0.88 and SH2.31 per litre respectively.PHOTO|SILA KIPLAGAT

    NPA allays fears of fuel scarcity in the country

    Over 120,000 persons reimbursed for wrongful e-levy deductions – GRA

    Fuel shortage: New policy to ensure direct delivery of fuel products underway – NPA

    Current high inflation rate not an isolated event – Seth Terkper

    Ghana needs more entrepreneurs to check imported inflation – Finance Minister

    Fuel prices to rise marginally in second pricing window of May – IES

    Samuel Dubik Mahama appointed ECG Managing Director

    Gov’t to put measures in place to reduce ‘imported inflation’ – Ofori-Atta

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    A petrol station worker fuels a car along Kimathi street on July 14 2019,after the Energy and Petroleum Regulatory Authority (EPRA) announced new retail pump prices of petroleum products effective from July 15 to August 14, 2019.price of super petrol increase by Sh0.29 per litre while diesel and kerosene decreased by Sh0.88 and SH2.31 per litre respectively.PHOTO|SILA KIPLAGAT

    NPA allays fears of fuel scarcity in the country

    Fuel prices to rise marginally in second pricing window of May – IES

    Gov’t to put measures in place to reduce ‘imported inflation’ – Ofori-Atta

    Businesses will pass on increased cost of production from high utility tariffs – GNCCI

    KIC and Mastercard Foundation launch Agri-MSMEs acceleration program

    Benjamin Dzoboku appointed as new Managing Director for Republic Bank Ghana Plc

    Gov’t to launch national airline to benefit from AfCFTA – Hassan Tampuli

    Accra Brewery PLC launches thematic campaign dubbed ‘Taste no yɛ Deep’

    BoG reiterates calls for public to report unapproved banking charges

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    Ho Node Hub rebrands as Node Eight

    Elon Musk strikes deal to buy Twitter for $44bn

    Block chain’s success will depend on supportive policy environment – Prof. Quaynor

    1.5% E-Levy rate will negatively impact GH¢6.9 billion target – Prof. Quartey

    Transactions to be affected by E-levy

    Bethniel Finance emerges winner in Innovation Challenge Program

    Taxing of non-resident e-commerce entities in Ghana could push prices up – Technology Consultant

    BoG cautions against fraudulent money-doubling scheme ‘BitCash Currency Exchange’

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    • Europe
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    Standard of cars assembled in Ghana will not be compromised – GSA assures

    GUTA urges gov’t to get other countries to open their borders to facilitate trade

    Kyle Kelhofer appointed as IFC Senior Country Manager for Benin, Ghana, Liberia, Sierra Leone, and Togo

    Greater, more diverse participation in global trade is key to achieving Africa’s economic transformation – World Bank

    Seth Terkper advises against e-levy; urges government to run to IMF

    AfCFTA members conclude negotiations on rules of origin to enhance free trade

    Implement strategies to sustain increased consumer preference for digital payments – Bawumia

    Strict enforcement of AfCFTA regulatory framework will ensure smooth implementation of PAPSS – Bawumia 

    President of Cote d’Ivoire Alassane Ouattara meets Eni’s CEO Claudio Descalzi

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 Government’s cost of borrowing to decrease soon – Terkper

bycitibusinessnews
October 10, 2016
in Banking And Finance, Government, Local Economy, Top Stories
Finance Minister, Mr. Seth Terkper

Former Finance Minister, Mr. Seth Terkper

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Government is optimistic its cost of borrowing on the international market will reduce as it realigns its fiscal policies and enhance financial discipline.

Ghana’s cost of borrowing on the international market had gone up to about 10.25 percent until government recently issued its 5 year 750 million dollars Eurobond, at a coupon rate of 9.25 percent.

Some financial watchers have criticized the increasing cost of borrowing for the country on the international market, blaming the high interest rate on economic instability and growing debt.

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But speaking to Citi Business News, Finance Minister, Seth Terkper was optimistic Ghana’s programme with the IMF and the ongoing fiscal consolidation will soon move the cost of borrowing for the country to about 8.5 percent.

“Already our arrears have been going down as the interest rates that we pay have been going down as was demonstrated from the last bond that we issued. We are hopeful that this would bring us back to the 8.25 and 8.5 percent range, which is where we have been and if we handle things well,” he indicated.

“We are hopeful we will see a decline and as we head to the good face of the economy, we can see the interest we pay on our bonds both primary and secondary. I emphasize the secondary because we are now doing the buy back; going down probably below 8% mark and remaining there,” Mr. Terkper added.

Government last month (September 8, 2016) issued its fifth Eurobond of 750 million dollars at a yield of 9.25 percent a few points lower than the last one which was at 10.75 percent.

The bond which though was oversubscribed with orders exceeding 4 billion dollars has a tenor of 5 years.

The bond has been met with heavy criticisms from economists including Dr. Mahamoud Bawumia, a former Deputy Governor of the Bank of Ghana.

The 5 years for maturity of the Eurobond is the shortest period in the history of Eurobond issues in Ghana and the principal will be expected to be repaid in three installments of US$250 million in September 2020, September 2021 and September 2022.

An economist, Dr. Laud Mensah has however suggested that the lack of investor confidence in the Ghanaian economy, led to the reduced maturity period for government’s 750 million dollar Eurobond.

According to him, the lack of trust in the Ghanaian economy led to a coupon rate of 9.25%.

The Economist therefore suggested that efforts be put in place to improve the economy by channeling returns on bonds into more productive ventures and reap positive outcome.

“Already, the global markets are not favoring per say and so investors will not invest their monies in Ghana. Also, looking at Ghana, investors know that a chunk of the revenue being generated internally (aside moral hazards associated with it), have been put into businesses or projects that are sub-standards,” he advised.

–

By: Lawrence Segbefia/citibusinessnews.com/Ghana

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A petrol station worker fuels a car along Kimathi street on July 14 2019,after the Energy and Petroleum Regulatory Authority (EPRA) announced new retail pump prices of petroleum products effective from July 15 to August 14, 2019.price of super petrol increase by Sh0.29 per litre while diesel and kerosene decreased by Sh0.88 and SH2.31 per litre respectively.PHOTO|SILA KIPLAGAT

NPA allays fears of fuel scarcity in the country

Over 120,000 persons reimbursed for wrongful e-levy deductions – GRA

Fuel shortage: New policy to ensure direct delivery of fuel products underway – NPA

Current high inflation rate not an isolated event – Seth Terkper

Ghana needs more entrepreneurs to check imported inflation – Finance Minister

Fuel prices to rise marginally in second pricing window of May – IES

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