Published: September 3, 2014
West African country to follow through on long-delayed fundraising plan.
Ghana has mandated Barclays, Deutsche Bank and Standard Chartered to organise a roadshow for a possible US dollar eurobond offering. Running from 4 to 10 September, the roadshow will take in Munich, London, New York, Boston, Los Angeles and San Francisco.
The Ghanaian economy has struggled in 2014, as high public debt levels have forced the government to turn to the IMF for assistance – talks on a loan package are set to begin this week. In mid-May the country’s vice-president Kwesi Amissah-Arthur announced the government’s intention of going to the international bond market to help plug the gap in the public budget. He reiterated this plan in late July, citing late August as a possible date, but nothing came of the plan until now.
The government will hope that its talks with the IMF will give investors the confidence to get behind its paper.