Ghana to Raise $750 Million Through London IPO of Minerals Fund
- Fund will hold state’s stakes in mining companies: Minister
- Special purpose vehicle to list in London, local bourse
Photographer: Waldo Swiegers/Bloomberg
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Ghana will seek to raise as much as $750 million through a sale of shares in a fund that will hold the West African nation’s stakes in mining companies and receive mineral royalties, said Finance Minister Ken Ofori-Atta.
In September, lawmakers passed legislation for the creation of the fund that will look to securitize future revenue from royalties to support Ghana’s developmental needs, Ofori-Atta said Thursday in a presentation of his budget proposals for 2019 in parliament in the capital, Accra. The fund will set up a special purpose vehicle and conduct an initial public offering through a dual-listing on the London Stock Exchange and the local bourse, he said.