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The success of the recent $ 3 billion eurobond issue confirms the confidence of foreign investors in the economy, Finance Minister Ken Ofori-Atta told Parliament.
According to him, investors are more willing than the previous government to invest their money in the economy under the current government.
He compared the recent $ 3 billion Eurobond issue to that of 2016, for $ 750 million, and claimed that the current administration had obtained a better coupon rate.
The minister made those comments when he spoke before Parliament about the success of the IMF program and other economic issues.
He told legislators that the success of The issue of $ 3 billion of Eurobonds important because it was registered despite Ghana's exit from the International Monetary Fund (IMF) program.
"The last $ 750 million Eurobond from the previous government was issued in 2016. Backlog was $ 4 billion, five times higher. But it cost 9.25% over six years, "said the minister.
Related: Eurobonds liquidity of $ 3 billion is expected to hit BoG's account this week
The minister said that with an underwriting surplus of about 20% in the latest Eurobond, the international investment community confirmed that she felt safe to invest in Ghana.
Regarding the cedi's depreciation, Ofori-Atta said that although the cedi had suffered some depreciation against the dollar, its rapid recovery shows that this decline was not due to macroeconomic fundamentals .
"It is clear from the data that the cedi depreciation was not due to weak economic fundamentals, but rather to a combination of structural rigidities and apparent speculative behavior of portfolio investors", a- he declared.
"We have worked hard to ensure that economic fundamentals are strong and able to support economic growth and transformation," he said.
Ofori-Atta also said that current economic progress, sustained GDP growth and economic transformation would ultimately ensure the stability of the currency in the medium term.
He added that the Bank of Ghana would remain vigilant in the short term to establish adequate margins of safety and promote market discipline in the medium-term currency market.
"The government will ensure that we have a transformed economy that will strengthen our trade accounts, our current accounts and our capital account."
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