Ghana Scraps Eurobond Sale as Costs Soar on Fiscal Concerns
- Government sought to raise as much as $1 billion in new bonds
- Ghana plans to buy up to $100 million of notes in tender
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Ghana scrapped plans to sell its fourth Eurobond in as many years, balking at the price investors demanded amid concern that the West African nation may relax its commitment to fiscal targets ahead of parliamentary and presidential elections.
The government will monitor markets and revive the sale “at the optimal time and the right conditions,” the Finance Ministry said in a statement on Thursday after concluding investor meetings in the U.K. and U.S. It also capped a buyback tender for $500 million of 2017 notes at $100 million.