Ghana has confounded skeptics by proving that it can still access international debt markets by raising $3bn in late March. The government aims to borrow a total $5bn from markets this year, but the fact that the government’s interest costs are close to 50% of its revenue has led to analyst skepticism it can reach the target.
Yet, in a global context of low interest rates and ample liquidity, the March eurobond sale – the issuing of bonds in a foreign currency – was subscribed twice over. Among the bonds sold were four-year zero-coupon bonds, which raised $525m and showed that some investors are even willing to lend to Ghana without interest.
Kelechi Deca
Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry