According to the central bank, the size and purpose of the bond is yet to be finalised.
“There have not been firm decisions on when it will be done, the size and purpose of it,” Bank of Ghana Governor Dr Kofi Wampah said in Accra last week May 8, 2013 during the launch of the Collateral Registry.
According to Dr Wampah, there are no indications of what the proportions of the bond will be despite media reports suggesting that 75% of it will be used to refinance the 2017 bond.
“I saw a news item which says 75% of it will be used to refinance the 2017 bond. There are no indications of what the proportions are,” Dr Wampah stated.
Finance Minister Seth Terpker who was at the event made no comment on the proposed sovereign bond.
A Bloomberg report dated December 13, 2012 said Ghana, which sold sub-Saharan Africa’s first Eurobonds outside of South Africa in 2007, may issue a further $750 million of the debt to refinance the earlier notes, which mature in October 2017.
The report cited Mr Terpker who was then a Deputy Finance Minister, as indicating that government may consider using part of the bond to repay the existing Eurobond.
“It is under consideration, among other options, to repay the existing Eurobond,” Mr Terkper was quoted by Bloomberg as saying in a phone interview.
By Ekow Quandzie