Ghana Said to Target Swift Sale of $3 Billion in Eurobonds
- Nation seeks to finance 2019 budget, reduce borrowing costs
- Finance Ministry will start to appoint advisers this month
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Ghana is favoring a sale of as much as $3 billion in Eurobonds this quarter as the country seeks to finance its budget and reduce borrowing costs, according to two people familiar with the matter.
While the West African nation’s budget requires net foreign financing of 9.8 billion cedis ($2 billion), it will seek an additional $1 billion if it’s able to issue debt at lower rates than what it’s paying for some existing bonds, said the people, who asked not to be identified because the information isn’t public. The finance ministry will begin to appoint transaction advisers later this month, said the people.