Eurobond success vote of confidence in Ghana’s economic resurgence – Govt

By on

Government says it considers the successful issuance of the 3 billion Dollars Eurobond at record rates as a vote of confidence in the Ghanaian economic resurgence.

Ghana on Tuesday successfully issued 3 billion dollars in a single transaction of three tranches. At the close of a road show in London, the appetite for the 2019 sovereign bond had swelled resulting in orders totaling 21billion dollars, about seven times more than the amount expected.

Addressing Journalists in Accra, Minister of Information Kojo Oppong Nkrumah said the government’s consideration that it is a vote of confidence is founded on three pillars which include the growing global confidence in the Ghanaian economy’s resilience.

“The global investor community has by this over subscription to this magnitude signaled their faith in Ghana’s new ability to churn out strong returns on investments and consequently service its obligations. Additionally it reflects a robust investor confidence in Ghana’s future economic outlook. During the process, bids submitted exceeded US$21 billion – compared to over US$8 billion in bids recorded in 2018. At US$21 billion, this is the highest ever order-book for bonds issued in Sub-Saharan Africa” he said.

The Minister said such high success at this time when Ghana is exiting the IMF ECF program is evidence that the global investor community is confident that the managers of the Ghanaian economy are on an irreversible track of stability.

“This we believe is driven strongly by the Akufo-Addo administration’s success at introducing legislations such as Fiscal responsibility act, the establishment of the fiscal council and financial stability council all designed to anchor the regained status and remove the endemic risks to macro stability” he added.

Mr. Nkrumah said this landmark issuance recognizes the credibility of the economic management team, which has led Ghana to the successful completion of the IMF ECF Programme that derailed under the erstwhile NDC government. It also confirms the confidence of the international investor community in the strength of Ghana’s economic outlook. The competitively priced 31-year bond has the longest-ever tenor for bonds issued by an African sovereign, exemplifying investors’ confidence in Ghana’s long-term prospects.

He said going forward, government is committed to continuing to entrench structural irreversibilities to sustain and anchor the macroeconomic gains, including strict enforcement of the Public Financial Management Act, implementation of the Fiscal Responsibility Act and the establishment of the Fiscal Responsibility and Financial Stability Councils to monitor fiscal/debt sustainability and financial stability respectively.

ABOUT: Ellsamwise King

[email protected]

A Civil/Structural Engineer & Freelance Blogger, Journalist, Social Media Mogul, Digital Marketer, Entrepreneur, and Philanthropist. CEO of Skyline Consortium & 9189 Media Consult and Co-Founder of Team Sarkodie. An alumnus of Prempeh College where he read General Science. He holds a first degree in Bachelor of Science from the Kwame Nkrumah University of Science and Technology. His mentors are Alvar Alto, Rupert Murdoch, Piers Mogan, Mensa Otabil, Bernard ElBernard Nelson-Eshun. Blogs for; http://www.233times.com | www.paemuka.com | http://www.playmusicgh.com | http://www.muzikiq.com | http://www.brandsaid.biz . Social Media Manager for Eon3 Group | BrandsAid | Kings Crown Media | Carabao Africa Ghana & Africa | Calvary Temple - ICGC | Team Sarkodie | Muzik IQ | Kwaw Kese Please inquire more via Email: mc[email protected] | [email protected] Instagram & Twitter: @wise_tskd Facebook: Ell Samwise LinkedIn: EllSamwise King Dogbe

view all posts by: Ellsamwise King  

ABOUT 233TIMES

233times.com is a Ghanaian media house which serves as a major source of exclusive interviews ,music and video downloads, news and more.

233times.com reports on major events,news covering entertainment, politics, sports, etc from within Ghana, Africa and beyond.

We have a platform for the amateur artistes to portray their staggering talents ...more...

WE ON SOCIAL MEDIA. FOLLOW US

facebook twitter youtube google plus linkedIn

To advertise with us or make enquiries, please visit 233times.com/advertise or call +233266121799 (Selorm), +233248185848 (Nana Kwesi)