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Business news for Wednesday, March 10, 2021
Source: Goldstreet Business
2021-03-10
$ 5 billion will be raised and used to support growth-oriented spending in the 2021 budget
The government has started the processes for the 2021 International Capital Market Financing Program (ICM).
The government is expected to raise up to $ 5 billion and the funds will be used to support growth-oriented spending in the 2021 Budget, as well as to carry out liability management of both Eurobonds and domestic bonds.
According to a statement from the Ministry of Finance, Bank of America, Citi Bank, Rand Merchant Bank, Standard Chartered Bank and Standard Bank have been appointed as lead directors for the collection of Eurobonds.
The statement further said that the program’s instruments consist of Eurobonds, diaspora bonds, sustainable bonds and syndicated / bridge loans.
“One of the banks’ key mandates is to advise the government on various alternative financing structures and options, especially for Eurobonds, that better match Ghana’s financing requirements and provide the fiscal capacity to further support revitalization and economic recovery at this time ”.
The government, in the 2021 Early Appropriation Expenditure presented by Ken Ofori-Atta in October 2021, indicated its plan to raise $ 5 billion in Eurobonds to fund the budget.
