As part of measures being taken to manage Ghana’s debt stock, the Government has decided to proceed with a capped cash tender offer, up to US$100mn of the Ghana 2017 Bonds issued in 2007, in line with the country’s buy-back programme.
A statement issued by the Public Relations unit of the Ministry of Finance said the Sinking Fund will also be used to purchase these securities as indicated in the 2016 Review of Budget presented to Parliament in July 2016.
The Ministry said government will continue to take prudent actions to manage the country’s debt stock.
Additionally, it said sector Minister Seth Terkper led a delegation made up of officials from the Ministry, the Bank of Ghana and Advisors, to meet with institutional investors in the United Kingdom and the United States from 1 – 3 August, 2016, to raise funds primarily to refinance the balance of the 2017 Sovereign Bonds and other outstanding debts.
The delegation, according to the Ministry, had constructive engagements with investors and received positive feedback from them on the ongoing fiscal consolidation process and Ghana’s turnaround story.
The statement said the government will continue to build on the dialogue with international investors while monitoring the markets and the IMF Board process with respect to the third review of the $918million programme and will issue new notes at the optimal time and the right conditions.
