Singapore based finance and market research firm, Redd Intelligence has pointed out that at least four different advisory firms are working with the Ghanaian government on economic policy and debt management in the context of the sovereign’s talks with the International Monetary Fund.
However, it says, the firms are working with the government on an informal basis as the mandates have not yet been formalized.
The firms, it stated, are investment bank Lazard; law firm Hogan Lovells; sovereign advisory firm, Global Sovereign Advisory; and investment banking and advisory firm, Lion’s Head Global Partners.
It explained that the government’s talks with the IMF are still in the early stages, with a macro framework not yet completed, adding, “There is a push, however, for external bondholders to organise in the next several weeks”.
“Two external bondholder committees are likely. Holders of part-guaranteed 2030 Eurobond may want to set up a separate group”, it stressed.
Redd Intelligence further said investment bank, Lazard, which has been in pole position to get a financial advisory mandate, is pairing up with law firm Hogan Lovells on a joint mandate to advise Ghana.
Also, Global Sovereign Advisory (GSA), a Paris-headquartered firm providing consultancy services on public policy, as well as economic and financial strategy including debt, is also working with the Ghanaian government.
Similarly, Lion’s Head Global Partners, an investment banking, asset management and advisory firm focused on emerging and frontier markets, is also involved.
IMF, government negotiations fruitful so far
The IMF in October 2023 issued a statement on Ghana following meetings in Washington DC between the Ghanaian delegation, led by Finance Minister, Ken Ofori-Atta, and the Fund October 9-11.
The Fudn said the discussions were “very fruitful” and that they will continue in the coming weeks, with a follow-up mission to “take place expeditiously”.
Last month, Mr. Ofori-Atta said negotiations with the IMF would be “fast-tracked” to ensure that key aspects of the programme were reflected in the 2023 state-budget statement expected in November 2022.
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