Ghana’s bond foray comes at a tricky time
Lagos: Ghanaian officials are preparing to meet fixed-income investors in the United States and London this week as they look to issue a US$3bil Eurobond. It could be a tough sales pitch.
An offering from the West African nation’s government may well be imminent, but only if officials are satisfied with the price that traders demand.
That’s a big if, given Ghana’s battle with the world’s weakest currency this year, and concerns about how it will manage its finances once a four-year bailout with the International Monetary Fund ends next month.
Finance Minister Ken Ofori-Atta is also negotiating a US$750mil bridge loan from Standard Bank Group Ltd and Standard Chartered Plc to tide the government over in what he says has been a “quite challenging” first quarter. It would be repaid with the Eurobond.
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