Ghana to borrow GH¢20 billion in 3 months despite inching towards high distress level
Akufo-Addo, Prez Ghana (L) and Ken Ofori Atta - Finance Minister Ghana(R)
The central bank of Ghana has hinted of government's plans to borrow almost GH¢20billion through domestic instruments between January and March 2020.
Read full article The country is working around the clock to raise revenue for expenditure through bills.
The bills include a 20-year shelf offering bill subject to re-opening based on investor’s request.
“Government plans to issue a gross amount of GH¢19,087.87 million, of which GH¢15,685.81 million is to rollover maturities and the remaining GH¢3,402.06 million is fresh to meet government’s financing,” the Bank of Ghana (BoG) stated in its government’s issuance calendar for January to March 2020.
Meanwhile, a recent report by the International Monetary Fund (IMF) stated that Ghana is inching towards a high debt distress level.
Majority of the total funds generated will be committed to offsetting maturing debt and the rest for financing projects or consider infrastructure investment.
The BoG referenced the Net Domestic Financing in the 2020 Budget, the domestic maturities and the Medium-Term Debt Management Strategy (MTDS) for 2020-2023 when it was announcing the calendar for the issuance of the instruments.
Meanwhile, a recent report by the International Monetary Fund (IMF) described Ghana as getting closer to being classified as a high debt distressed country.
Ghana's public debt sat at GH¢208.6 billion in at September 2019. This debt rate was equivalent to 60.3 percent of the country’s gross domestic product (GDP), data from the Bank of Ghana revealed.
Below is the full issuance calendar for January to March 2020
