Thailand Overseas Investment Center

Ghana's Third Eurobond Over Subscribed

The investor confidence in Ghana's economy was confirmed through the over subscription of a third successful Eurobond order of $3billion last Thursday.

However, the Ghana Government opted to take only $1billion to be used specifically for capital expenditure.

The new sovereign bond would attract an interest rate of 8.25 per cent. The notes would be listed on the Ghana Stock Exchange and Irish Stock Exchange.

Finance and Economic Planning Minister, Mr Seth Tekper led Ghana's team which included Governor of Bank of Ghana (BOG), Dr Henry Kofi Wampah, Deputy Trade Minister and former Deputy Finance Minister, Mr Kweku Ricketts Hagan, Deputy Governor of BOG, William Narh and other lead managers.

At the end of the 10-day Road Show in New York, an elated Finance Minister, Mr Tekper said the success achieved was an affirmation of the confidence that the investors had in the long-term value of the Ghanaian economy.

He had argued very strongly that despite the current fiscal challenges, the mid-term prospects for Ghana were bright.

"With the coming on board of the International Monetary Fund (IMF), we hope to come out of our short term challenges pretty soon," Mr Tekper added.

According to Mr Tekper, $750million would be used for Capital projects and Counterpart funding, whilst the remaining would be used as seed capital for the Ghana infrastructural Investment Fund.

Last year Ghana fetched $1billion from the International Capital Market, after securing $1.2billion. It attracted an interest rate of 7. 877 per cent. In 2007, Ghana's first bond secured $750million at an interest rate of 8.5 per cent.

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