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Ghana names Stanchart, Fidelity to arrange 10 billion cedi bond
June 15, 2017 / 6:22 PM / in 6 months

Ghana names Stanchart, Fidelity to arrange 10 billion cedi bond

ACCRA, June 15 (Reuters) - Ghana named Standard Chartered Bank and local lender Fidelity as lead managers for a 10 billion cedi ($2.27 billion) local bond to clear debts owed by public sector energy utilities, the Finance Ministry said on Thursday.

The government of President Nana Akufo-Addo inherited the arrears when it took office in January and said it was considering issuing the debt with a 15-year maturity.

It gave no date for the sale but said some proceeds would refinance debt owed to banks and bulk oil distributing companies. It said the two banks were chosen from 10 applicants which responded to the government’s call for proposals.

Ghana, which exports cocoa, gold and oil, is following a three-year deal with the International Monetary Fund to restore fiscal balance and narrow the public debt, which stood at 62.5 percent of gross domestic product at the end of March.

$1 = 4.3995 Ghanaian cedis Reporting by Kwasi Kpodo; Editing by Matthew Mpoke Bigg and Edmund Blair

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