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Ghana Raises Eurobond Issuance Target to as Much as $2.5 Billion

  • Nation may refinance $1.5 billion of existing dollar debt
  • Finance ministry to present plan to lawmakers for approval
Accra, Ghana.

Accra, Ghana.

Photographer: Ty Wright/Bloomberg

Ghana raised its target for the sale of Eurobonds to as much as $2.5 billion, of which the country wants to use more than half to pay existing debt, said Finance Minister Ken Ofori-Atta.

The West African nation will use $1 billion to help meet its 2018 budget and may issue another $1.5 billion to refinance dollar debt, should it be able to sell the bonds at a cheaper rate, Ofori-Atta said by phone on Wednesday. Ghana may also issue as much as 500 million cedis ($113 million) in global depositary notes to increase the participation of foreigners in its weekly sale of local notes, he said.