Bloomberg/Ore Huiyin

Economy

Ghana approves $750 million StanChart, Standard Bank loan

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The Minister of Finance said that Ghana is facing difficult first-quarter budget demands.

Thursday 14, March 2019

(Bloomberg) --Ghanaian lawmakers on Wednesday approved the government’s proposal to borrow $750 million from Standard Chartered and Standard Bank Group for budget expenses.

Mark Assibey-Yeboah, the Chairman of the finance committee in Ghana’s Parliament, said that the bridge financing, which will be paid back with proceeds from a Eurobond offering, is being sought for a minimum period of three months and not more than six months,

Additionally, the bridge financing comes at a cost of one month Libor plus 350 basis points.

The country will start investor meetings in the US and London for the Eurobond sale from Thursday.

Ghana is targeting a Eurobond sale of up to $2 billion to finance its budget deficit and an additional sale of $1 billion to refinance existing debt.

TAGS : Standard Chartered, loan, Standard Bank

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