Century Bond is not on the table – Ofori-Atta

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The finance minister said the decision to lift a US $ 50 billion bond is not pending and the government will work with the market to determine whether it is interested in a longer-term bond.

Ken Ofori-Atta said the government could even opt for a 50-year bond, "if that's what the market is calling for."

He said, "I do not think there is anything outside the table, because the problem is that the market has told us that it is at the table. 31 and we need to restructure the infrastructure in the long term. "

Speaking on Bloomberg Television, Mr. Ofori-Atta added, "So we have to work with the market to find out if he is interested in a longer-term commitment, but it will not be a unilateral decision. it will be a decision. it makes sense for the market and we do not need to call the century's obligation. If the market demands it, maybe it's fifty years. "

Mr. Ofori-Atta said that he was not expecting to return to the market in 2019 and that the sale of a bond in 2020 should be scheduled to reflect the general elections scheduled for the year. Next year.

President Akufo-Addo said in September that Ghana could issue a $ 50 billion 100-year bond as part of a long-term industrialization plan, although badysts have expressed doubts on the fact that Ghana had the capacity to conduct such a transaction.

Following this statement, Mr. Ofori-Atta told Parliament in Budget 2019 that "the decision to lift these very long-term bonds is not intended to derail the sustainability of our debt, but rather to to reinforce.

"If we really want to get out of this day-to-day existence and put our country in Ghana on a solid trajectory of growth and prosperity, we will have to find affordable long-term financing to invest in strategic infrastructure in the medium and long term. . -term."

"The Sovereign Century Fund will bilaterally commit to raising long-term concessional financing to cover our other commercial infrastructure needs through GIIF, GIADEC, PPP projects and other entities, as well as the management of responsibility, "he said.

Exit from the IMF program

On leaving the IMF program, Ofori-Atta said, "I think we really proved during this period the clarity of President Akufo-Addo's vision of a" Ghana Beyond Aid ". So the principle of only being sovereign independent is very clear. "

He added: "However, we have excellent relations over the last two years with the Fund and we have returned to Article 4: after 12 months of examination, we have also set up a Economic Policy Coordination Committee every six months. in which they will sit.

"That's why we will continue to think that the IMF is a trusted advisor. We do not have any money at the end of the table, but the rigor of the exams, etc., will continue and I think the relationship is healthy. "