Ghana concerned about heightened sell-off of its bonds - Charles Adu Boahen

BY: Maxwell Akalaare Adombila

The Minister of State at the Ministry of Finance, Mr Charles Adu Boahen, says the government is concerned about the heightened sell-off of the Ghana's sovereign bonds in the global market.

He said although the situation was a global phenomenon, Ghana's case was "more pronounced," raising concerns about debt sustainability and the state of the economy.

He said at the Graphic Business/Stanbic Bank Breakfast Meeting in Accra Tuesday [Nov 2, 2021] that the development was a spillover effect of the COVID-19 pandemic.

"I'm sure you all notice the global sell-off in our Eurobonds in the international stock market. There's been a general sell-off but I am sure those of Ghana have been quite pronounced."

"It is a situation that is of concern," he said at the event meant to proffer solutions to the changes facing the economy ahead of rhe presentation of the 2022 Budget.

"I want to assure the audience that nothing fundamentally has changed; were still on track to meet our deficit, we are still on track to meet our revenue target for the year."

"We believe that the market's reaction is not based on the fundamentals, which are still as robust as they were three to four months ago," Mr Boahen said.