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Landmark Eurobond is recognition of credible economic management - Gov't

BY: Kweku Zurek
Landmark Eurobond recognition of credible economic management - Gov't
Minister of Information, Kojo Oppong Nkrumah

The government has described the recent oversubscription of its Eurobond as an overwhelming vote of confidence in Ghana's economic resurgence and a recognition of the credibility of Ghana's economic management team.

The $3billion Eurobond at its closure yesterday in London received orders totalling $21 billion – about seven times more than the amount needed, a development the government believes is evidence of growing global confidence in Ghana's economic resilience.

Addressing a press briefing today in Accra, the Minister of Information, Kojo Oppong Nkrumah said the successful issuance of the bond signifies the faith global investors have in Ghana's ability to churn out strong returns and service obligations.

"At 21 billion, this is the highest-ever dollar note issued for bonds in sub-Saharan Africa and that is the first reason why we consider this as a vote of confidence in GhSaharanconomic resurgence," Mr Oppong Nkrumah said.

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"The second is that, such high success coming at a time when Ghana is exiting the IMF this year is evidence that the global investor community is confident that the managers of the economy are on an irreversible track of stability...

"The third reason for which we say this is a vote of confidence is that, this landmark issuance recognises the credibilty of the economic management team which has led Ghana to a successful completion of the IMF programme which derailed under the erstwhile NDC administration".

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He said the proceeds of the issuance will be utilised for budgetary support such as infrastructure and the delivery of growth driving initiatives.