Minister of Information Kojo Oppong Nkrumah.<\/p>\n
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\n<\/div>\nGovernment says it considers the successful issuance of the 3 billion Dollars Eurobond at record rates as a vote of confidence in the Ghanaian economic resurgence.\u00a0<\/p>\n
Ghana on Tuesday successfully issued three billion dollars in a single transaction of three tranches. At the close of a roadshow in London, the appetite for the 2019 sovereign bond had swelled resulting in orders totalling 21billion dollars, about seven times more than the amount expected.<\/p>\n
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Addressing Journalists in Accra, Minister of Information Kojo Oppong Nkrumah said the government\u2019s consideration that it is a vote of confidence is founded on three pillars which include the growing global confidence in the Ghanaian economy\u2019s resilience.\u00a0<\/p>\n
\u201cThe global investor community has by this oversubscription to this magnitude signalled their faith in Ghana\u2019s new ability to churn out strong returns on investments and consequently service its obligations.<\/p>\n
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\u201cAdditionally, it reflects a robust investor confidence in Ghana\u2019s future economic outlook. During the process, bids submitted exceeded US$21 billion \u2013 compared to over US$8 billion in bids recorded in 2018. At US$21 billion, this is the highest ever order-book for bonds issued in Sub-Saharan Africa,\u201d he said.<\/p>\n
The Minister said such high success at this time when Ghana is exiting the IMF ECF program is evidence that the global investor community is confident that the managers of the Ghanaian economy are on an irreversible track of stability.\u00a0<\/p>\n
\u201cThis we believe is driven strongly by the Akufo-Addo administration\u2019s success at introducing legislations such as Fiscal responsibility act, the establishment of the fiscal council and financial stability council all designed to anchor the regained status and remove the endemic risks to macro stability,\u201d he added.<\/p>\n
Mr. Nkrumah said this landmark issuance recognizes the credibility of the economic management team, which has led Ghana to the successful completion of the IMF ECF Programme that derailed under the erstwhile NDC government. It also confirms the confidence of the international investor community in the strength of Ghana\u2019s economic outlook.<\/p>\n
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The competitively priced 31-year bond has the longest-ever tenor for bonds issued by an African sovereign, exemplifying investors\u2019 confidence in Ghana\u2019s long-term prospects.<\/p>\n
He said going forward, government is committed to continuing to entrench structural irreversibilities to sustain and anchor the macroeconomic gains, including strict enforcement of the Public Financial Management Act, implementation of the Fiscal Responsibility Act and the establishment of the Fiscal Responsibility and Financial Stability Councils to monitor fiscal\/debt sustainability and financial stability respectively.<\/p>\n
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