No Result
View All Result
Friday, March 24, 2023
Citi Business News
  • Home
  • News
    • All
    • Agriculture
    • Economy
    • General
    • Government
    • Local Economy
    • Top Stories

    China to seek proper resolution with Ghana over $1.7bn debt

    Ghana Best Cocoa Farmers Association lauds COCOBOD boss

    Consider cocoa pricing in your legislation – COCOBOD CEO to EU

    Fitch upgrades Ghana’s Long-term local-currency IDR from ‘RD’ to ‘CCC

    Producer Price Inflation drops to 50.8% in February 2023

    Growth and Sustainability Levy will stifle growth of local oil service companies – Upstream Petroleum Chamber

    Peasant farmers reiterate calls for construction of Pwalugu Multi-Purpose Dam

    ECG disconnects GRA, KFC, Ho Airport others from power grid

    GRA monitoring team retrieves over GHC85m revenue shortfall

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

    Industry experts convene to discuss diversification strategies for pension funds

    It’s time to give women top posts in multilateral institutions – GCBL Chairman 

    Global Chamber of business leaders enters into partnership with IEFS

    Gold for Oil policy will save Ghana $4.8bn annually – Veep

    Energy Minister scheduled to speak on Ghana’s near-term opportunities at NAEPEC 2023

    Standard Chartered appoints Ebenezer Twum Asante as Chairman of Board of Directors

    Abena Amoah named in WFE’s top 20 women leaders

    International Women’s Day: Female engineering students tour Karpowership

    BoG directs banks to submit prudential reports on sex-disaggregated basis

  • TECHNOLOGY

    Cyber Security Authority commences licensing and accreditation regime

    Twitter is reportedly planning to charge businesses $1,000 per month to keep gold verified checks

    Ghana withdraws $672m back-tax demand from MTN Group

    MTN to fight $773m tax bill from government

    Telcos to implement 1% E-Levy charge from today

    Huawei Equips 500 Traders in FinTech

    Africans urged to bolster adoption of Bitcoins

    What does 2023 hold? Predictions in payments for the year ahead for Africa

    Meta considered building a Twitter competitor to capitalize on Elon Musk’s ‘crisis’ at company

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

    Silicon Valley Bank crisis: What led to stock crash, what lies ahead?

    Medical devices market projected to expand by $ 7.1 billion by close of year

    African Union adopts Africa Prosperity Dialogues AfCFTA action plan

    Third World Network Africa urges Africans to be strategic about AfCFTA

    5 important things to know about the African Continental Free Trade Area agreement

    $130bn and $170bn needed annually to bridge Africa’s infrastructural gap – Bawumia

    Feed Africa Summit: African Development Bank to commit $10bn to make continent breadbasket of the world

    Nigeria’s national debt hits an all time as the country struggles with repayment

    What does 2023 hold? Predictions in payments for the year ahead for Africa

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

    China to seek proper resolution with Ghana over $1.7bn debt

    Ghana Best Cocoa Farmers Association lauds COCOBOD boss

    Consider cocoa pricing in your legislation – COCOBOD CEO to EU

    Fitch upgrades Ghana’s Long-term local-currency IDR from ‘RD’ to ‘CCC

    Producer Price Inflation drops to 50.8% in February 2023

    Growth and Sustainability Levy will stifle growth of local oil service companies – Upstream Petroleum Chamber

    Peasant farmers reiterate calls for construction of Pwalugu Multi-Purpose Dam

    ECG disconnects GRA, KFC, Ho Airport others from power grid

    GRA monitoring team retrieves over GHC85m revenue shortfall

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

    Industry experts convene to discuss diversification strategies for pension funds

    It’s time to give women top posts in multilateral institutions – GCBL Chairman 

    Global Chamber of business leaders enters into partnership with IEFS

    Gold for Oil policy will save Ghana $4.8bn annually – Veep

    Energy Minister scheduled to speak on Ghana’s near-term opportunities at NAEPEC 2023

    Standard Chartered appoints Ebenezer Twum Asante as Chairman of Board of Directors

    Abena Amoah named in WFE’s top 20 women leaders

    International Women’s Day: Female engineering students tour Karpowership

    BoG directs banks to submit prudential reports on sex-disaggregated basis

  • TECHNOLOGY

    Cyber Security Authority commences licensing and accreditation regime

    Twitter is reportedly planning to charge businesses $1,000 per month to keep gold verified checks

    Ghana withdraws $672m back-tax demand from MTN Group

    MTN to fight $773m tax bill from government

    Telcos to implement 1% E-Levy charge from today

    Huawei Equips 500 Traders in FinTech

    Africans urged to bolster adoption of Bitcoins

    What does 2023 hold? Predictions in payments for the year ahead for Africa

    Meta considered building a Twitter competitor to capitalize on Elon Musk’s ‘crisis’ at company

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

    Silicon Valley Bank crisis: What led to stock crash, what lies ahead?

    Medical devices market projected to expand by $ 7.1 billion by close of year

    African Union adopts Africa Prosperity Dialogues AfCFTA action plan

    Third World Network Africa urges Africans to be strategic about AfCFTA

    5 important things to know about the African Continental Free Trade Area agreement

    $130bn and $170bn needed annually to bridge Africa’s infrastructural gap – Bawumia

    Feed Africa Summit: African Development Bank to commit $10bn to make continent breadbasket of the world

    Nigeria’s national debt hits an all time as the country struggles with repayment

    What does 2023 hold? Predictions in payments for the year ahead for Africa

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

ITLOS case triggered high interest on Ghana’s Eurobonds

bycitibusinessnews
September 25, 2017
in Banking And Finance, Business, Government, Local Economy, News, Top Stories
Share on FacebookShare on TwitterShare on Whatsapp

Ghana would have had a much lower yield on its 2015 and 2016 Eurobonds, if its case with Ivory Coast over the maritime boundary was not in existence.

This was revealed by a former Finance Minister Mr Seth Terkper, who told host of Citi Breakfast Show Bernard Avle, that  the dispute between the two countries led to the high yields Ghana got on the two bonds.

” …..At the time we are relying on the work the technical team was doing to show that we were confident. To some extent that most of the investors believed and were able to do this bond, it affected the yield and the rate. Sometimes when you are talking about the rate you wish you had bonds it is a very prime example of a sector that is beyond control which could affect the yields or the price paid for them, this was a real factor”. He said.

ADVERTISEMENT

The revelation follows the Special Chamber of the International Tribunal of the Law of the Sea(ITLOS)’s ruling on the case over the weekend.

Yield on 2015 & 2016 Eurobonds

Yields on Ghana’s last two bonds, the fourth and fifth Eurobonds were the highest recorded in the history of the country.

The yield on the 2015 Eurobond for example was 10.75 percent, against government’s initial target of 8.5 percent while that of 2016 was at 9.25 percent.

The World Bank’s guarantee of 400 million dollars at the time, on the 2015 bond as well as plans by government to set up an infrastructure fund to use proceeds from the country’s Eurobonds played a key role in Ghana getting 10.75 percent interest, which was to be higher.

The high yield at the time were attributed to Ghana’s economic challenges.

Reacting to concerns over the high yield of 10.75 percent in 2015 Mr Seth Terkper had said Ghana remains the only sub-Saharan African country that is able to raise a fifteen year bond at such a yield and asked critics not to compare a 10 year bond to the current 1 billion dollar 15 year Eurobond.

“They were comparing a 15 year bond to a 10 year bond that is comparing apples to oranges. I think they would have served the Ghanaian public well if they have checked. There is a sub – Saharan country that was able to raise a 15 year bond in the first place and was able to roll it at a lower yield and thirdly under the circumstances which the markets find itself now. Now we are going to use the bond to refinance 90 day bill”.

ITLOS case impact on Eurobonds

But speaking on the Citi Breakfast show the Former Finance Minister Mr Seth Terkper stated that the rates were extremely high due to the dispute between the two countries and the uncertainty at the time of the outcome of the case.

”………The fact that it was so significant that usually before we do what is called the final descriptions, where a series of questions are asked of the Minister of Finance and one of them in 2015 and 2016 in particular was whether the Minister for Finance believed or had any information that suggests that Ghana would not win the case.”

Ghana dragged Ivory Coast to ITLOS in September, 2014 after negotiations with Ivory Coast over the disputed boundary broke down.

ITLOS however on September, 23, 2017 ruled that there had not been any violation on the part of Ghana on Ivory Coast’s maritime boundary.

–

By:  Vivian Kai Lokko/citibusinessnews.com/Ghana

Related Posts

Local Economy

China to seek proper resolution with Ghana over $1.7bn debt

bycitibusinessnews

China would like to enhance communications with Ghana to seek a proper resolution of Ghana’s debt issue, its foreign ministry...

Read more

Ghana Best Cocoa Farmers Association lauds COCOBOD boss

Consider cocoa pricing in your legislation – COCOBOD CEO to EU

Fitch upgrades Ghana’s Long-term local-currency IDR from ‘RD’ to ‘CCC

Producer Price Inflation drops to 50.8% in February 2023

Growth and Sustainability Levy will stifle growth of local oil service companies – Upstream Petroleum Chamber

Peasant farmers reiterate calls for construction of Pwalugu Multi-Purpose Dam

Next Post

Maritime Authority slaps shippers with increased charges

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.