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    Talks with China over $1.7bn debt positive, encouraging – Ofori-Atta

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    Talks with China over $1.7bn debt positive, encouraging – Ofori-Atta

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

    GSE signs MoU with MIIF to increase listing of mining companies

    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

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    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

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    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

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

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    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

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Government to issue US$3 billion Eurobond in 2020 — Ofori-Atta

bycitibusinessnews
November 14, 2019
in Business, Economy, Government, Markets
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The Finance Minister Ken Ofori-Atta says the government will return to the Eurobond market to borrow US$3billion to help the government bridge the deficit between its revenue and expenditure in 2020.

The government is projecting to raise GH¢67 billion in revenues and grants whereas its total expenditure for the year is pegged at GH¢86 billion — leaving a deficit of about GH¢19 billion which is equivalent to 4.7 percent of GDP.

The planned 2020 bond issuance will be the seventh time Ghana will be borrowing from the Eurobond market in the past eight years.

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Ghana’s unwavering appetite for Eurobond comes at a time interest payment is fast approaching the biggest item on the government’s expenditure list.

This year alone, GH¢21.7 billion nearly 25 percent of government’s planned expenditure for 2020, will go into interest payment while the allocation for infrastructure development is only GH¢9.3 billion.

Government last issued Eurobond in March this year was a US$ 3 billion facility comprising of three tranches with average maturities of seven, 12 and 31 years. The shortest tranche was priced to yield 7.875 percent, after initial guidance of around 8 percent to 8.5 percent. The other tranches were priced at 8.125 percent and 8.95 percent.

Eurobond appetite

Ghana’s maiden Eurobond, a US$750 million bond, was issued in 2007 at a coupon rate of 8.5 percent and matures this year. Four other bonds were issued between 2013-2016, all receiving mixed reactions from the market.

The then Finance Minister Seth Terkper explained that Eurobonds usefulness to Ghana’s economic strategy cannot be in doubt as it falls in line with the ‘smart-borrowing’ agenda of the government and that the bonds are not any different from other borrowing means.

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