Attorney General and Minister of Justice Gloria Akuffo has responded to a request by private legal practitioner Victor Kojoga Adawudu for details regarding the $2.25 billion bond issued by the Government of Ghana about two months ago. “I acknowledge receipt of your letter bearing reference number LL/17/26 and dated 4th May, 2017 on the above … Read more
The Ministry of Finance, through the book building process, recently issued 7- and 15-year bonds at a coupon rate of 19.75%. The bonds were oversubscribed with international investment firm Franklin Templeton buying a significant portion of the bonds issued. In the aftermath of this bond transaction, Ghanaians have raised conflict of interest concerns regarding the … Read more
The Managing Director of FirstBanC Financial Services, Mr Amenyo Setordzie, has asked for circumspection on the discussion around the US$2.25 billion bond issued earlier this month. That, he said, was needed to ensure that public commentary on the 15 and 10-year bonds did not return to hurt the economy and the country’s reputation. While dismissing … Read more
Vice President Dr. Mahamudu Bawumia has stated that the New Patriotic Party (NPP) government will not issue any Eurobond and add unto the country’s debt burden. According to him, the government has resolved not to embark on any such move at least within this year. Speaking in an interview with the Head of Citi Business … Read more
Vice President Dr. Mahamudu Bawumia has stated that the NPP government will not issue any Eurobond and add unto the country’s debt burden. According to him, the government has resolved not to embark on any such move at least within this year. Speaking in an interview with the Head of Citi Business News desk on … Read more
Government says it has no intention of issuing a Eurobond this year despite embarking on series of engagement with investors outside the country. Last week, government began a non-deal road show with investors which have taken the team already to London and now in the US. The previous administration had always used this non-committal with … Read more
The Minority in Parliament on Tuesday called for a full-scale parliamentary inquiry into the recent US$2.25 billion bond issued by the NPP government. According to them the transaction lacked transparency and had the potential of adversely affecting the welfare of the people of Ghana. Mr Cassel Ato Forson, the Minority Spokesperson on Finance made the … Read more
Government has started engaging investors outside the country to try and address any concerns they have with the Ghanaian economy. The engagement with these investors which has been described as a non-deal road show, begun in London on Tuesday, and will take the team to Boston, New York and other states in the USA. JOYBUSINESS … Read more
The local currency has come under intense pressure in the run-up to the elections, recording about 0.13 percent fall since November 30 and bringing the year-to-date depreciation rate to six percent. The cedi has had a fairly stable year in which, as at end of November, it had depreciated just by a 4.7 percent, bringing … Read more
The Minister of Finance Seth Terpker has disclosed that the government will soon complete the payment of the country’s first 750 million dollar Eurobond which was issued in 2007. According to Seth Terpker the outstanding balance to be paid was 200 million dollars which has the redemption fully funded. Ghana sold a 750 million dollars … Read more
The overwhelming success of government’s debut local dollar bond could serve as a precedent for bigger and longer term issuances, Kofi Awuku, a member of the book building team has said. The results of the bond issued last week beat government’s expectations by almost twice the US$50 million the state planned to raised; proving the … Read more
Government has raised a total of 96.4 million dollars in its first local dollar denominated bond at a rate of 6.0 percent. Total bids were 99.6 million dollars but government accepted 96.4 million dollars, above its original target of 50 million dollars. By this, the cost of the bond is lower compared to government’s last … Read more
The subscription period ends Thursday, October 13, 2016, but the first ever USD-denominated domestic bond issued by government and targeted at investors resident in Ghana and Ghanaians abroad, has been well received, with bids rushing in, bookrunners have told the B&FT. “We have people calling everyday about how to get their bids in; it has … Read more
The sale of the first dollar-denominated bond for local investors begun on October 3 Government is looking at raising up to $100 million from its historic domestic dollar bond. The sale of the first dollar-denominated bond for local investors begun on October 3 and it’s expected to close on October 13, 2016. Sources say government … Read more
Labour Relations Minister Haruna Iddrisu says government’s promise to give each student in public schools a tablet is a realistic pledge to revolutionise the teaching and learning. He explained on Joy FM’s Super Morning Show Wednesday, government could use the Education ministry’s Universal Access Fund to provide the high-end device. Mr Iddrisu was discussing the … Read more
The Minister of Finance, Mr Seth Terkper, has expressed satisfaction at the pricing of Ghana’s fifth Eurobond at 9.25 per cent in London on Thursday to raise US$750 million from international investors with appetite for emerging economies’ sovereign debt instruments. Mr Terkper said both the issue and the processes that led to its success were … Read more
Head of the Economics Department at the University of Ghana, Professor Peter Quartey, has asked that government considers renegotiation of the IMF deal to reverse the conditionality which prohibits the central bank from financing government. His call comes on the back of government’s decision to abandon the sale of its fifth Eurobond of US$1 billion, … Read more
Due to the lack of measures to mitigate the negative impact of economic factors, the Mahama-led National Democratic Congress (NDC) should have done more to prevent the current levels of mismanagement which have resulted in a declining economy, flagbearer of the opposition New Patriotic Party (NPP), Nana Akufo-Addo, has said. To him, the current “bad … Read more
The Minority Spokesperson on Finance, Dr. Anthony Akoto Osei, says the failure of government to raise US$700 million from its 4th Eurobond outing is glaring evidence that Ghana’s economy is in a bad shape. Speaking to Citi News, Dr. Anthony Akoto Osei noted that “the negotiations with IMF are not finished and most investors look … Read more
Government has delayed plans to issued a $1 billion Eurobond. The road show was led by the Finance Minister, Seth Terkper, officials from the Ministry of Finance, the Bank of Ghana (BoG) and advisors to meet with institutional investors in the United Kingdom and the United States. From August, 1-3, their mission was to raise … Read more