Ghana May Raise $500 Million More in Debt, Minister Says

  • Ghana considering other market sources to raise money
  • Country raised $1 billion through Eurobond sale this month

Ghana may follow up a Eurobond sale by raising as much as an additional $500 million in debt this year as the West African nation still has room under the terms of an International Monetary Fund program, a deputy minister said.

Ghana may raise the money from other sources and not necessarily through another Eurobond, Deputy Minister of Finance Mona Quartey said by phone from Accra on Wednesday.

“If we decide to do so it would be raised in line with IMF rules,” Quartey said. “It could be from any market source,” she said, declining to provide details.

Ghana raised $1 billion of 15-year Eurobonds on Oct. 8. The IMF lifted Ghana’s non-concessional borrowing limit for this year to $2.5 billion in September from $1 billion. Ghana agreed to an almost $1 billion program with Washington-based IMF in April to help narrow its budget gap and arrest slides in the currency.

The yield on Ghana’s dollar debt maturing in 2023 advanced 3 basis points to 10.7 percent at 1:02 p.m. in Accra.

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