Ghana seeking $750 million loan from StanChart, Standard Bank

Ghana needs $2 billion in foreign-currency debt to help finance the 2019 budget and will take on an additional $1 billion if the government is able to secure loans or securities at lower rates than it’s paying for existing liabilities.

Ghana is in talks with and for a bridge loan of and will repay the facility with the proceeds of a Eurobond sale, reports Bloomberg.

The Ministry of Finance listed the proposal for a syndicated loan in the Friday March 8, 2019 Parliamentary order papers and said it was intended to “fund or refinance development projects and for liability management,” according to the document.

The facility would be a short-term loan, Mark Assibey-Yeboah, chairman of the finance committee, told Bloomberg via telephone.

READ MORE UPDATING NEWS ARTICLES

“This is bridge financing against the Eurobond,” he said, adding that the bond sale may take two or three months to be finalized.

Ghana needs $2 billion in foreign-currency debt to help finance the 2019 budget and will take on an additional $1 billion if is able to secure loans or securities at lower rates than it’s paying for existing liabilities.

In February 2019, the government appointed five banks, including StanChart and Johannesburg-based Standard Bank, as lead arrangers for a Eurobond sale, according to people familiar with the matter, reports Bloomberg.

Author Profile

Dela
Dela
Excited Blogger. Emmanuel Dela AHADJIE is daringly a passionate blogger who seeks to inform his followers and readers with accurate updating news on the go. He is a lifestyle, celebrity and sociology blogger who grabs the bull by its horn. He doubles up as The Managing Editor of The Momus Newspaper.WhatsApp:+233245838678

Leave a Comment : ( Disclaimer ): expressed here are those of the writer and do not reflect those of confirmradio.com. Confirmradio.com accepts no responsibility legal or otherwise for the accuracy of content. Please report any inappropriate content to us, and we will evaluate it as a matter of priority )

This site uses Akismet to reduce spam. Learn how your comment data is processed.