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Ghana approves to issue USD 1 bn Eurobond to finance 2018 budget

Depending on market conditions, the maturity of the sovereign debts will range between 15 and 30 years.


Ghana approves to issue USD 1 bn Eurobond to finance 2018 budget
Ghana is in its final year of a USD 918 million credit programme with the International Monetary Fund.

Ghana's parliament on Friday unanimously approved plans by the government to issue a Eurobond of USD 1 billion by the end of April to finance the 2018 budget, a Reuters witness said.

The 275-member house also okayed plans to issue additional sovereign debts of up to USD 1.5 billion for refinancing and 500 million cedis (USD 123 million) worth of global depositary notes to repay domestic bonds.

Depending on market conditions, the maturity of the sovereign debts will range between 15 and 30 years, Finance Committee chairman Mark Assibey-Yeboah said in a report recommending the approval ahead of the vote.

Ghana - a producer of oil, gold, and cocoa - is in its final year of a USD 918 million credit programme with the International Monetary Fund to decrease deficits, inflation and a debt load which hit 69 percent of gross domestic product last year.

Finance Minister Ken Ofori-Atta told the lawmakers that the government would use the loans prudently.

"We are borrowing for a purpose and we remain committed to protecting the public purse," he said to allay fears by the opposition bench that the loans could be misapplied.

Ghana has issued five previous Eurobonds, most recently USD 750 million bonds in September 2016 at a yield of 9.25 percent.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)


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