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    Gold exports push Ghana’s trade surplus to $1.3 billion in April

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    Gold exports push Ghana’s trade surplus to $1.3 billion in April

    Old Mutual celebrates 177th anniversary globally, 10 years in Ghana

    Gov’t expenditure needs to be checked to help deal with inflation – ICAG

    Take control of financing on the continent – Ofori-Atta to AfDB

    We’ll avert any looming food crisis with effective planning – AfDB Boss

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    Stringent measures needed to deal with illicit financial transactions in Africa – Akufo-Addo

    Gold exports push Ghana’s trade surplus to $1.3 billion in April

    Value of MoMo transactions decrease by 3% between March and April 2022

    Inflation rate likely to drop to single digits in 2023 – Dr. Ernest Addison

    Monetary Policy Rate increased again by 200 basis points; now at 19%

    Government partners private companies to mine abandoned iron ore in Oti Region

    Manufacture of petroleum products push PPI to 31.2% in April

    Nigeria begins processes to join Ghana-Côte d’Ivoire Cocoa Initiative

    Victor Yaw Asante, FBNBank Ghana MD

    Banks will continue to innovate to meet customers’ expectations – FBNBank’s MD

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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

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US$200m left to be paid on Ghana’s 2007 Eurobond- Terkper

bycitibusinessnews
November 16, 2016
in Banking And Finance, Government, Top Stories
Finance Minister, Mr. Seth Terkper

Finance Minister, Mr. Seth Terkper

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Finance Minister Seth Terkper has disclosed that Ghana’s 2007 Eurobond is left with 200 million dollars to be refinanced.

The 750 million dollar Eurobond which was Ghana first ever Eurobond was issued at par to yield of 8.5 percent.

The bond will mature by next year and Ghana is expected to pay back.

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Speaking at press conference, Mr. Terkper stated that the strategy used to avoid a bullet payment of the bond has provided some financial space for government’s fiscal policies.

According to him, it would have been practically difficult if steps were not taken to set up a Sinking Fund, that will allocate some funds to refinance the bond.

“We have US$200 million approximately on that bond but its fully funded we have put money aside into the Sinking Fund to be Buying Back anytime anybody wants to trade because that was one of the uses of the funds,” he explained.

He stated that the development will also prevent the country from rolling over risks which may finally impact negatively on interest rates, inflation and the debt stock.

“We showed that the combination of the Sinking Fund that we had about 100 million, we showed that the World Bank guaranteed funds were not exhausted and we were ready to add 150 million dollars to it and we showed that the bond itself that were going to be issuing, we could add,” he said, adding that the move has afforded government an opportunity to still have some cash in the fund to Buy Back anytime investors want to trade their shares in the bond.

Terkper defends maiden 10-year bond

Touching on Ghana’s maiden 10 year bond issued at 19 percent recently, Mr. Terkper vehemently defended the cost as a good deal.

According to him, the cost of 19 percent on the bond is more productive since the net effect on Ghana’s debt is far better compared to 5 year domestic bonds issued at over 22 percent.

“When you say 19 is too high what is you context?. Let’s go back to the way we handled our bonds, when we issue Treasury Bills we don’t redeem them, we don’t pay back, hardly until we started using our sovereign bonds to be paying down and extending the tenure. You have five years you don’t have money to pay the loan so you refinance, so assuming you issued at 22, the market realizes you don’t have money to pay back so your refinancing increase to 24  because that is when you also have gold, cocoa and other prices falling,” he argued.

–

By:Lawrence Segbefia/citibusinessnews.com/Ghana

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