[ad_1]
Company News of Friday, February 8, 2019
Source: bloomberg.com
2019-02-08
Ghana's Minister of Finance Ken Ofori-Atta said the country could sell eurobonds even before the International Monetary Fund (IMF) has completed its final review of the country's expanded credit program. .
The finance minister will appoint transaction advisers for a planned $ 3 billion issue, after which lenders will review investors' appetite for a sale, Ofori-Atta said Friday in an interview in Accra.
"Once the market has come, we can go with or without the results of the IMF review," he said. "Our fundamentals are pretty good."
The second-largest economy in West Africa is considering auctioning debts to finance its budget and repaying more expensive titles. Last year, he postponed the issuance of a Eurobond until the IMF completed the review of the program by nearly one billion dollars. dollars agreed by the parties in April 2015.
Although the review by the Washington-based lender helps investors ensure a prudent economic policy, waiting can lead Ghana to miss a favorable window for issuing debt securities at a time when US yields are close to their lowest level in a year. The IMF program is due to end on 4 April.
Ghanaian Eurobonds have lost 1.1% since the beginning of the month, the largest decline in emerging markets after Ukraine, according to Bloomberg indexes. The currency has lost more than 3% since the central bank cut interest rates by 100 basis points on January 25th.
Source link
