A government delegation led by the Minister of Finance begins today the European tour of Eurobonds

Company News of Monday, March 18, 2019

Source: citinewsroom.com

2019-03-18

A government delegation made up of a team from the Ministry of Finance and representatives of the Bank of Ghana (BoG) will begin today a tour of presenting Eurobonds.

The government plans to raise $ 3 billion through the bond in order to take over infrastructure development in the 2019 budget and repay some of the maturing debt.

Finance Minister Ken Ofori Atta also hopes that the issuance of the Eurobond and Cocoa syndicated loan will help stabilize the cedi so that it no longer depreciates.

The Eurobond presentation tour begins Monday in London, where the government will seek to raise $ 3 billion for infrastructure development.

Sending to Citi Business News, Ofori-Atta said various measures had been put in place for the cedi to stabilize soon.

"I think we are in the right place and as I mentioned. We seek not only stability but a reversal. The Central Bank therefore has this money and COCOBOD has also concluded its financing mechanism of 300 million euros. The Eurobond roadshow is going well. We expect a turnaround and stability, "he said.

According to officials of the Ministry of Finance, the government will use 2 billion Eurobond fund planned to support the government's infrastructure budget in the country's spending pattern in 2019.

The remaining billion should be used to clear the debts due from the government. Take further steps to improve revenue collection and stabilize the cedi.

Mr. Ofori-Atta explained that plans are well advanced to ensure that the country's ports are very competitive in dealing with heavy imports of goods.

"We are going to have very soon a full review of all our port taxes and legal charges to make sure that we are the most efficient and competitive port, so we do not import any inflation from there. outside, "he said.