A government delegation comprising a team from the Ministry of Finance and officials from the Bank of Ghana (BoG) will today begin a Eurobond road show.
Government is planning to raise three billion dollars through the bond to cater for infrastructure development in the 2019 budget as well as retire some maturing debt.
The Minister of Finance Ken Ofori Atta is also hopeful the issue of the Eurobond and the Cocoa syndicated loan will help stabilize the cedi from further depreciating.
The Eurobond roadshow begins on Monday in London where government will seek to raise 3 billion dollars for infrastructure development.
Speaking to Citi Business News, Mr. Ofori-Atta said various measures have been put in place to ensure the cedi stabilizes soon.
“I think we are at a good place and as I mentioned. We are looking for not only stability but a reversal. So the Central Bank has that money, and COCOBOD also concluded its 300 million facility and so that’s nearly a billion, the Eurobond road show is going well. We expect a reversal and stability” he said.
According to officials from the Ministry of Finance, government will use 2 billion of the expected Eurobond fund to support government infrastructure budget in the 2019 expenditure pattern of the country.
The remaining one billion is expected to be used to clear maturing debts owed by government. Touching on other measures to improve revenue collection and also stabilize the cedi.
Mr. Ofori-Atta explained that plans are far advanced to ensure the country’s ports are very competitive to bridge the high importation of goods.
“We are going to have a comprehensive review very soon of all of our port charges and statutory charges there to make sure that we are the most efficient port and most competitive so we don’t import any inflation from outside” he stressed.
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Source: citibusinessnews.com
