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Government requests Parliamentary approval to issue $3 billion Sovereign bond in Q1 2021 budget presentation

5 years ago
in Economy, highlights, Home, home-news, latest News, Markets
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Finance Minister - norvanreports

Finance Minister - norvanreports

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The Government of Ghana (GoG) has requested Parliamentary approval for the issuance of a $3 billion Sovereign Bond next year.

The issuance of the $3 billion Sovereign Bond according to the Finance Minister, Ken Ofori Atta, will likely be increased to $5 billion if market conditions prove to be favourable.

“We plan to source funds from the international capital market which will comprise the issuance of sovereign bonds of $3 billion with the option to increase it to $5 billion should market conditions prove favourable,” said the Finance Minister in his presentation of the Expenditure in Advance of Appropriation Budget to Parliament on Wednesday.

According to the Minister, funds raised from the issuance of the Sovereign Bond will be used for liability management as well as to support the 2021 budget.

“Out of the amount raised, $1.5 billion will be used to support the 2021 budget and the remaining $3.5 billion used for liability management,” he stated.

Government’s request to once again go to the international capital market – GoG issued a $3 billion Eurobond in February this year – with its $3 billion Sovereign Bond with the option to increase it further to $5 billion if market conditions prove favourable is worrying, given the current debt stock of the country, as it will further worsen the already burdening debt stock.

Ghana’s current debt stock is 68.3 per cent of Gross Domestic Product (GDP) and projected to reach 76.7 per cent of GDP by the end of this year.

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The Minister for Finance in the presentation of the Expenditure in Advance of Appropriation Budget for the first quarter of 2021, also noted that Government will need some Ghs 27.4 billion to finance its expenditure for the first 3 months of the 2021 fiscal year.

Source: norvanreports
Tags: Expenditure in Advance of Appropriation BudgetFinance MinisterInternational Capital MarketParliamentSovereign Bond
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