Gov't secures Parliamentary approval to issue $1bn Eurobond

Government is hoping to use proceeds of the bond to finance debts that are maturing and finance projects outlined in the budget.

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James Avedzi

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Government has secured the green light from Parliament to go ahead with the processes to issue a 1 billion dollar Eurobond from second quarter of this year.

Government is hoping to use proceeds of the bond to finance debts that are maturing and finance projects outlined in the budget.

James Avedzi, Chair of Parliament's Finance Committee, told Joy Business the Committee would demand from the Finance Minister how the bond would be disbursed, so that it can also “report to Parliament that this is how the Eurobond was disbursed or used”.

He also said the Finance Ministry would be impressed upon to publish the list of items financed by the Eurobond to clear any doubt.

Meanwhile, government is likely to settle on Barclays, Stanchart and Duetsche bank as transaction advisors for the Eurobond.

“We shouldn’t do it for just issuing sake, it must be in season, it must be the right timing to get the right price and to ensure the success of the issue,” Mona Quartey deputy Finance Minister told Joy Business.

H/T - myJoyOnline.com

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