{"id":603159,"date":"2019-03-29T00:50:08","date_gmt":"2019-03-29T00:50:08","guid":{"rendered":"
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The success of the recent $3 billion Eurobond issue confirms foreign investors\u2019 confidence in the economy, Finance Minister, Ken Ofori-Atta told Parliament on Thursday.<\/span><\/p>\n

He said investors are more willing to put their money into the economy under the current administration than the previous government.<\/span><\/p>\n

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He compared the recent $3 billion Eurobond issue with the previous 2016 issue for $750 million and argued that the current administration got a better coupon rate. <\/span><\/p>\n

The Minister made the comments when he addressed Parliament on the successful completion of the IMF programme and other economic issues.<\/span><\/p>\n

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He told Legislators that the success of the $3 billion Eurobond issue<\/b>\u00a0was significant because it has been recorded despite Ghana\u2019s exit from the International Monetary Fund (IMF) programme.<\/span><\/p>\n

\u201cThe last Eurobond of the previous government of 750 million dollars was issued in 2016, the order book was four billion dollars over five times larger. But this came at a high cost of 9.25 per cent for six years,\u201d the Minister said.<\/span><\/p>\n

Related:\u00a0$3bn Eurobond cash likely to hit BoG\u2019s account this week<\/b><\/p>\n

The Minister said with about 20 per cent oversubscription in the latest Eurobond, the international investment community has confirmed that they feel safe to invest in Ghana.<\/span><\/p>\n

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Touching on the cedi depreciation, Mr\u00a0Ofori-Atta said even though the cedi has suffered some depreciation against the dollar its quick recovery shows that the fall was not due to macroeconomic fundamentals.<\/span><\/p>\n

\u201cIt is clearer from the data that the depreciation of the cedi was not due to weak economic fundamentals but rather a combination of structural rigidities and apparent speculative behaviour of portfolio investors,\u201d he said.<\/span><\/p>\n

\u201cWe have done a lot of work to ensure that the economic fundamentals are robust and able to support economic growth and <\/span><\/span>transformation,<\/span><\/span><\/span><\/span>\u201d he said.<\/span><\/span><\/p>\n

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Mr Ofori-Atta also stated that current progress on the economy, sustained GDP growth and economic transformation would eventually ensure that the currency was stable over the medium term.<\/span><\/span><\/p>\n

He said the Bank of Ghana would remain vigilant in the short term to build adequate revere buffers and promote market discipline in the foreign exchange market over the medium term.<\/span><\/span><\/p>\n

\u201cThe government will ensure that we have a transformed economy that will strengthen our trade, current and capital accounts\u201d.<\/span><\/span><\/p>\n

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