No Result
View All Result
Thursday, August 11, 2022
Citi Business News
  • Home
  • News
    • All
    • Agriculture
    • Economy
    • General
    • Government
    • Local Economy
    • Top Stories

    Importers, Exporters Association calls for sympathy for Labianca following corruption claims

    Our cars to sell for cheaper soon- locally assembled automobile companies

    BoG Deputy Governor chairs advisory board of UG’s College of Humanities

    Ghana’s inflation rate rises again; hits 31.7% in July 2022

    Fitch downgrades Ghana’s credit rating from B- to CCC

    Ghana Mines Workers’ Union threatens industrial action

    Farmerline begins ‘Support a Farmer’ initiative to provide fertilizer to farmers

    Ghana likely to secure US$3 billion from IMF for economic support

    Tax incentive for young entrepreneurs-opportunities and challenges

  • Business
    • All
    • Agribusiness
    • Banking And Finance
    • Manufacturing
    • Markets
    • Mining
    • Oil And Gas
    • Real Estate
    • Tourism
    • Transport

    Importers, Exporters Association calls for sympathy for Labianca following corruption claims

    BoG Deputy Governor chairs advisory board of UG’s College of Humanities

    GEXIM CEO is one of Ghana’s 100 most influential business leaders

    Zenith Bank Ghana wins premium quality West African banking brand of the year 2021

    GIPC and GSE sign MoU to attract more investment into Ghana

    Appolonia City unveils its first commercial building; Adumuah Place

    Dr. Ampabeng advocates consolidation of road taxes into fiscal policy

    WAPCo commits to cleaner and reliable energy

    Government eyeing GH¢750m with new E-VAT policy

  • TECHNOLOGY

    We’re ready to re-engage gov’t on acquisition of Vodafone shares – Telecel

    New deadline for SIM re-registration too short – MoMo agents association

    Extend SIM card re-registration exercise to January 2023 – MoMo agents

    Vodafone agrees sell stake in Ghana’s business to Telecel

    Telecoms Chamber and IIPGH advocate sustained coding education

    IIPGH to enter coding education partnership with Telecoms Chamber

    PayAngel joins Microsoft for Startups Founders Hub

    Node 8, HTU hold first edition of Node X in Ho

    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

  • INTERNATIONAL
    • All
    • Africa
    • Asia
    • Europe
    • Middle East
    • US

    Agribusiness entrepreneurs must take advantage of AfCFTA – ADB MD.

    Inflation, debt, and forex crisis is pushing many African economies to the brink – IMF warns

    African countries that could follow Sri Lanka into economic chaos

    Africa’s internet economy to cross $180 billion by 2025: Report

    Regional economic cooperation needed to enhance Africa’s competitiveness – Bawumia

    Ivory Coast is set to receive $26.1 billion worth of development finance from 4 lenders, the EU and France

    Gulf central banks, Bank of England raise policy rates after Fed hike

    US Fed meets inflation surge with 75bp hike

    As Nigeria’s inflation rate accelerates to 17.71%, the World Bank warns millions could face extreme poverty

  • FEATURES
  • Videos
Citi Business News
  • Home
  • News
    • All
    • Agriculture
    • Economy
    • General
    • Government
    • Local Economy
    • Top Stories

    Importers, Exporters Association calls for sympathy for Labianca following corruption claims

    Our cars to sell for cheaper soon- locally assembled automobile companies

    BoG Deputy Governor chairs advisory board of UG’s College of Humanities

    Ghana’s inflation rate rises again; hits 31.7% in July 2022

    Fitch downgrades Ghana’s credit rating from B- to CCC

    Ghana Mines Workers’ Union threatens industrial action

    Farmerline begins ‘Support a Farmer’ initiative to provide fertilizer to farmers

    Ghana likely to secure US$3 billion from IMF for economic support

    Tax incentive for young entrepreneurs-opportunities and challenges

  • Business
    • All
    • Agribusiness
    • Banking And Finance
    • Manufacturing
    • Markets
    • Mining
    • Oil And Gas
    • Real Estate
    • Tourism
    • Transport

    Importers, Exporters Association calls for sympathy for Labianca following corruption claims

    BoG Deputy Governor chairs advisory board of UG’s College of Humanities

    GEXIM CEO is one of Ghana’s 100 most influential business leaders

    Zenith Bank Ghana wins premium quality West African banking brand of the year 2021

    GIPC and GSE sign MoU to attract more investment into Ghana

    Appolonia City unveils its first commercial building; Adumuah Place

    Dr. Ampabeng advocates consolidation of road taxes into fiscal policy

    WAPCo commits to cleaner and reliable energy

    Government eyeing GH¢750m with new E-VAT policy

  • TECHNOLOGY

    We’re ready to re-engage gov’t on acquisition of Vodafone shares – Telecel

    New deadline for SIM re-registration too short – MoMo agents association

    Extend SIM card re-registration exercise to January 2023 – MoMo agents

    Vodafone agrees sell stake in Ghana’s business to Telecel

    Telecoms Chamber and IIPGH advocate sustained coding education

    IIPGH to enter coding education partnership with Telecoms Chamber

    PayAngel joins Microsoft for Startups Founders Hub

    Node 8, HTU hold first edition of Node X in Ho

    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

  • INTERNATIONAL
    • All
    • Africa
    • Asia
    • Europe
    • Middle East
    • US

    Agribusiness entrepreneurs must take advantage of AfCFTA – ADB MD.

    Inflation, debt, and forex crisis is pushing many African economies to the brink – IMF warns

    African countries that could follow Sri Lanka into economic chaos

    Africa’s internet economy to cross $180 billion by 2025: Report

    Regional economic cooperation needed to enhance Africa’s competitiveness – Bawumia

    Ivory Coast is set to receive $26.1 billion worth of development finance from 4 lenders, the EU and France

    Gulf central banks, Bank of England raise policy rates after Fed hike

    US Fed meets inflation surge with 75bp hike

    As Nigeria’s inflation rate accelerates to 17.71%, the World Bank warns millions could face extreme poverty

  • FEATURES
  • Videos
No Result
View All Result
Citi Business News
No Result
View All Result

Govt seeks transaction advisor for $ 2.5bn energy bond

bycitibusinessnews
May 30, 2017
in Banking And Finance, Government, Local Economy, Top Stories
Ken Ofori-Atta - Finance Minister

Ken Ofori-Atta - Finance Minister

Share on FacebookShare on TwitterShare on Whatsapp

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’s challenges in a sustainable manner.

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 confident of increased investments to the SoE’s with the complete repayment of the debt.

ADVERTISEMENT

“There is a 2.4 billion dollar debt that is hanging over the neck of state owned enterprises…What we are going to do is to issue a 15 year long term bond to deal with this debt,” he stated.

Dr. Bawumia added, “What 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.”

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.

The successful advisor shall among others advise, guide and drive the transaction process as well as structure and document the transaction.

The term of the contract shall be for a period of six (6) months but may be extended based on discretion.

Minority questions ‘delays’

On Monday, the Minority in Parliament raised concerns over the duration of the issuance of the bonds rejecting government’s assertions that there is increased investor confidence following the success of the 2.25 billion dollars domestic bond.

Energy bonds not to increase debt burden

Earlier, the Governor of the Bank of Ghana, Dr. Ernest Addison also told Citi Business News the bond will not add on to the government’s debt which is currently estimated at 127 billion cedis.

“It 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 it 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”, he explained.

Dr. Addison maintained that it is important for the debt to be cleared to provide some space for the banks.

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.

–

By: Pius Amihere Eduku/citibusinessnews.com/Ghana

Related Posts

Business

Importers, Exporters Association calls for sympathy for Labianca following corruption claims

byEllen Dapaah

The Importers and Exporters Association has jumped to the defence of Labianca Company Limited after it was implicated in corruption-related...

Read more

Our cars to sell for cheaper soon- locally assembled automobile companies

BoG Deputy Governor chairs advisory board of UG’s College of Humanities

Ghana’s inflation rate rises again; hits 31.7% in July 2022

Fitch downgrades Ghana’s credit rating from B- to CCC

Ghana Mines Workers’ Union threatens industrial action

Ghana likely to secure US$3 billion from IMF for economic support

Next Post

Vice President gets tough on public procurement rules

Video on Demand: Business Weekly

ADVERTISEMENT
Citi Business News

© 2019 Citi Business News - CitiBusinessNews.com by CNR Digital.

Navigate Site

  • Home
  • News
  • Business
  • TECHNOLOGY
  • INTERNATIONAL
  • FEATURES
  • Videos

Follow Us

No Result
View All Result
  • Home
  • News
  • Business
  • TECHNOLOGY
  • INTERNATIONAL
  • FEATURES
  • Videos

© 2019 Citi Business News - CitiBusinessNews.com by CNR Digital.