A team from the International Monetary Fund (IMF), led by Joël Toujas-Bernaté, visited Accra from October 21-November 5, 2015, to conduct discussions on the second review of Ghana’s financial and economic program supported by the IMF’s Extended Credit Facility (ECF). 1 The discussions focused on the implementation of the program , the medium-term outlook and policies needed to restore debt sustainability, macroeconomic stability, and a return to high growth and job creation while protecting the poor.
Ghana is determined to foster inclusive and sustainable growth under front-loaded IMF supported macroeconomic ajdustments and improvements in real-sector performance. Ghana plans more externally-oriented financing and refinancing mix for H2 2015. Under the IMF Programme, in-line with existing moratorium on new borrowing, Ghana is subject to a ceiling on new non-concessional external borrowing of US$2.5 billion in 2015.
Today, October 7, 2015. Ghana has priced and will issue its fourth Eurobond of US$1.0 billion at a coupon rate of 10.75%. The bond was oversubscribed with orders reaching up to US$2 billion. Like the three previous issues, this year’s bond attracted investors from the United Kingdom, Europe, the United States, Middle East and Asia.
Today, October 1, 2015. A Government delegation led by the Minister of Finance and the Governor of the Bank of Ghana met investors in London, San Francisco, Los Angeles, Boston and New York. Investors were updated of Ghana’s significant progress towards fiscal consolidation and the continued support provided by the IMF, the World Bank Group and other development partners.
The Government of Ghana thanks its current and prospective international investors for the series of meetings from September 22 to September 30, 2015. The Government of Ghana continues to consider a USD bond issue, subject to market conditions, as stated in the original announcement.
Tuesday, 15th September, 2015. Over the past few years, Ghana’s debt stock has risen due mainly to exogenous factors affecting Government revenues and the cedi depreciation. However, new debt management policies pursued by Government have started bearing fruits and will maintain a sustainable debt profile over the medium term as shown in the figure below...
Due to recent market developments, the Ministry of Finance (MoF) and the Bank of Ghana (BoG) has postponed the book-build for the 5-year Treasury Bond issuance scheduled for August 2015. The MoF, BoG and Bookrunners remain committed to Ghana's medium to long term debt management strategy, and will keep the market updated on developments with this issuance. ...
Over the years, Government has been using Bank of Ghana’s (BoG) auction process to issue all of its debt instruments. These are the 91 and 182 day Treasury Bills, 1- and 2-year notes, and the 3-, 5- and 7-year fixed rate bonds. Therefore unlike the other countries, GOG does not use the stock exchange for new issues even though they are listed after the issue