Ghana | - Part 17

Ghana’s Eurobond Loosens IMF Straitjacket Ahead of Elections

ACCRA, Capital Markets in Africa: Ghana will have more fiscal room to maneuver ahead of elections as a fifth Eurobond gives the nation funds to pay debt and implement projects amid spending restrictions imposed by the International Monetary Fund. West Africa’s second-largest economy raised $750 million at a yield of 9.25 percent last week in an auction that was more than four times oversubscribed. About $400 million of the bond proceeds will be used to refinance the nation’s…

Ghana’s Monetary and Fiscal Policy Choices in Difficult Times

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Ghana’s economic decline in the last 5 years left the sense of a “loud silence” as the investor community was stunned by the adverse turn of events in an economy recently (and probably still) perceived as Africa’s rising star. While the economic downturn was triggered by domestic factors underpinned by the fiscal and monetary policy choices, the collapse in commodity prices due to weakened demand in China and the…

Ghana Eurobond Return More Than Five Times Oversubscribed

Posted on by The Editorial Team

ACCRA, Ghana, Capital Markets in Africa: Ghana raised $750 million selling Eurobonds at a yield of 9.25 percent in an auction that was more than five times oversubscribed, a month after abandoning plans to issue debt due to the price demanded by investors. Yields on the nation’s existing dollar bonds fell to 14-month lows. The country received orders exceeding $4 billion for the bond that will be repaid in three equal installments between September 2020 and…

Ghana Scraps Eurobond Sale as Costs Soar on Fiscal Concerns

Posted on by The Editorial Team

ACCRA, Ghana, Capital Markets in Africa: Ghana scrapped plans to sell its fourth Eurobond in as many years, balking at the price investors demanded amid concern that the West African nation may relax its commitment to fiscal targets ahead of parliamentary and presidential elections. The government will monitor markets and revive the sale “at the optimal time and the right conditions,” the Finance Ministry said in a statement on Thursday after concluding investor meetings in the…

Ghana Pitches Eurobond to Investors Just as Costs Rise

Posted on by The Editorial Team

ACCRA, Ghana, Capital Markets in Africa: Ghana’s latest plan to sell Eurobonds is starting to unravel. As the West African nation markets its fifth sale of dollar securities in nine years, its bonds are faltering as investors fret about the government’s commitment to fiscal targets in an election year. Ghana’s $1 billion of bonds due 2023 have tumbled, pushing yields up by 75 basis points since July 22 to 10.4 percent on Tuesday, compared with a 48…

Ghana Bond Yields Rise Most in Four Months as Deficit Widens

Posted on by The Editorial Team

ACCRA, Ghana, Capital Markets in Africa: Yields on Ghana’s bonds surged the most in four months after Finance Minister Seth Terkper said the West Africa nation will increase spending even as a budget deficit is seen widening due to lower revenues from oil. Yields on Ghana’s $1 billion of Eurobonds due August 2023 rose 35 basis points to 10.06 percent at 2:37 p.m. in the capital, Accra, the most on a closing basis since April 5. The country’s…

Ghana Increases 2016 GDP Growth Forecast After Earlier ‘Mistake’

Posted on by The Editorial Team

ACCRA, Ghana, Capital Markets in Africa: Ghana’s finance ministry increased its economic growth forecast for 2016 two weeks after projecting the slowest expansion in more than three decades due to a “mistake” in its calculations. West Africa’s largest economy after Nigeria will grow between 4.1 percent and 4.3 percent this year compared with 3.9 percent in 2015, Finance Minister Seth Terkper said in an interview in the capital, Accra, on Monday. The Bank of Ghana’s Monetary Policy Committee…

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