Eurobonds
Ghana has issued a total of 4 eurobonds so far all culminating to $3,750,000,000.
This debt was culminated between 2007-2015.
Breakdown of Eurobond
1st Eurobond
Figure ……………….$750 million
Year issued…………….September 2007
Duration…………10 years
Maturity date…………………October 2017
Yield on bond……………………8.5%
Purpose ……………fund infrastructure projects
President issued under …….President John Agyekum Kufour
Finance minister issued under……… Kwadwo Baah-Wiredu
Governor issued under ……….. Dr. Paul A. Acquah
2nd Eurobond
Figure ………..$1 billion
Year issued…..2013
Duration ………….10yrs
Maturity date……..August 2023
Yield on bond…..7.875
Purpose .. ……. retire 2007 Eurobond , fund capital expenditure 2013 Budget. refinance domestic debt. counterpart funding
President issued under …….President John Mahama
Finance minister issued under……..Seth Terkper
Governor issued under ……….. Dr. Henry Kofi Wampah
3rd Eurobond
Figure ………………….$1billion
Year issued…………….September, 2014
Duration………..12 years
Maturity date…………………….January 2026
Yield on bond……………….8.125%
Purpose …… fund capital expenditure in the 2014 Budget, refinance domestic and external debt and counterpart funding.
President issued under …….President John Mahama
Finance minister issued under….. Seth Terkper
Governor issued under…………..Dr. Henry Kofi Wampah
4th Eurobond
Figure………….$1billion
Year issued……..September, 2015
Duration…….15 years
Maturity date …………….. 2030
Yield on bond…………….10.75
Purpose ……… refinancing of maturing domestic debt
President issued under….. John Mahama
Finance Minister issued under ……Seth Tekper
Governor issued under ……Dr Henry Wampah
Ghana’s high appetite for borrowing pushed it into a Highly Indebted Poor Country (HIPC) in the nineties.
The IMF and the World Bank launched the HIPC initiative in 1996 to ensure that no poor country faces a debt burden it will be unable to manage.