Ghana to consider longer-dated bonds – Ofori-Atta

Ghana, which this week raised $3 billion through debt sales and was contemplating 100-year bonds, will work with the market to determine the tenure of its next issuance, Finance Minister Ken Ofori-Atta said...


Ghana, which this week raised $3 billion through debt sales and was contemplating 100-year bonds, will work with the market to determine the tenure of its next issuance, Finance Minister Ken Ofori-Atta said.

The world’s second-biggest cocoa producer sold debt in a three-part deal with average of seven, 12 and 31 years, he said in an interview with Nejra Cehic on Bloomberg Television Wednesday.

“I don’t think anything is ever off the table for good,” he said when asked whether the country is still planning century bonds. “The market has told us that they’re comfortable with 31s. We have to work with the market and see if they’re interested in a longer-tenure bond. It will be a decision that will make sense with the market. Maybe it’s a 50-year if that’s what the market calls for.”

Ghana has previously said it would sell $2 billion of foreign-currency debt to help finance its 2019 budget and seek $1 billion more if demand proved high enough. The cedi strengthened for the first week in four last week as investors bet the sale would boost central bank reserves and help it protect the currency.

Source: Bloomberg



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