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Ghana Seeks To Raise $1bn

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Ghana, the first sub-Saharan African country outside of South Africa to sell Eurobonds, plans to seek at least $1bn in a second offer this year, according to two people with knowledge of the plans.

ghanaBloomberg News reported that the West African nation is inviting bids for advisers on the transaction, the people said, who asked not to be identified because the information isn’t public yet.

Ghana sold its debut $750m Eurobond in September 2007 at 8.5 per cent. Finance Minister Seth Terkper said on December 15 Ghana was planning to seek the same amount in the second sale to replace existing debt.

“We are getting advice on it,” he said by phone from Washington, declining to give details.

The government plans to use the money for infrastructure projects, Albert Kofi Asamoa-Baah, financial sector adviser at the ministry, said by phone, declining to confirm the amount.

“We expect the pricing on this one to be more competitive than the first,” he said “The one on the market is doing well so we expect the yield on this one to be lower.”

The yields on the debt that matures in October 2017 fell for a third day, declining less than one basis point to 4.71 per cent by 3:39. in the capital, Accra.

Ghana’s $35bn economy is forecast by the Finance Ministry to grow by eight per cent this year, faster than the sub- Saharan African average of 5.6 per cent, according to the International Monetary Fund.

The country, which began producing oil for export in December 2010, has a budget deficit forecast to narrow to nine per cent of gross domestic product this year from 12.1 per cent in 2012, according to the ministry.

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1 Comment

1 Comment

  1. iskilu riskat

    April 29, 2013 at 5:42 pm

    hmm nawa o

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JUST IN: ECOWAS Lifts Sanctions On Mali

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ECOWAS countries
ECOWAS Countries

ECOWAS Countries

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US President, Donald Trump, Wife Test Positive For Covid-19

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Donald Trump and Melania
Donald Trump and Melania

Donald Trump and wife, Melania Trump

President of the United States, Donald Trump, and his wife, Melania Trump have both tested positive for COVID-19.

The President took to his official Twitter handle on Friday to make this announcement.

Trump was last seen in public on Thursday afternoon, returning to the White House after a fundraising trip to New Jersey.

Also Read: What I Told Trump When He Accused Me Of Killing Christians – Buhari

On Thursday, he announced that his aide, Hope Hicks tested positive for the virus which has killed over 1 million people around the world.

He further revealed that he and the first lady had taken the test and waiting for the results before announcing the outcome on Friday.

 

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Mali: N’Daw, Coup Leader Goita Sworn In As President, VP

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President of Mali, N'Daw, coup leader, Goita
President of Mali, N'Daw, coup leader, Goita

President of Mali, N’Daw, coup leader, Goita

Retired Army Colonel, Bah N’Daw has been sworn in on Friday as the interim president of Mali and he is to head a transitional government following last month’s military coup in the country.

The swearing-in ceremony held in the country’s capital city of Bamako, where Colonel Assimi Goita, who led the military junta, was also sworn in as interim vice president.

This administration is to lead the government for a maximum of 18 months before organising national elections.

Also Read: Buhari Attends Virtual ECOWAS Extraordinary Summit Over Mali Crisis

It will be recalled that the country’s military executed a coup last month (August 18) which successfully removed the nation’s president, Ibrahim Boubacar Keita from office.

Former President of Nigeria, Goodluck Jonathan, attended the ceremony alongside other members of the ECOWAS mediation team.

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