IMF approves disbursement of $190m under Ghana’s aid deal – Sources

The International Monetary Fund’s (IMF) board on Monday approved the next disbursement of about $190 million under Ghana’s aid program, two sources at the Washington-based lender told Reuters.

The commodity exporter will begin a roadshow this week to market a $2.5 billion Eurobond issuance to restructure debt and support the government’s 2018 budget, a senior government official said.

The West African country is in its final year of the $918 million credit deal signed in April 2015 to fix its economy, dogged by high deficits, inflation and a distressing public debt.




Finance Minister Ken Ofori-Atta told Reuters last week that the government was looking to issue the Eurobonds with a coupon in the 7 percent range, well below previous sales.

“The process for the issuance is ongoing and the roadshow is going to start this week,” a senior government official told Reuters on Monday.

The government appointed Standard Chartered Bank, JP Morgan, Bank of America and Citibank to advise on the bond sale, with Fidelity Bank and IC Securities participating as local partners.

Source: Reuters