Ghana not expected to access international capital markets this year – Finance Ministry

• Ghana does intend to return to the international capital markets

• This is according to the Ministry of Finance

• Ghana in March 2021 issued bonds worth US$3.025bn comprising the first 4-tranche of Eurobond

The Ministry of Finance has said government is not expected to return to the international capital markets this year.

This according to the ministry is due to the current market strong conditions, strong reserve position and the recent US$1.007 billion Special Drawing Rights (SDR) allocation for Ghana from the International Monetary Fund.

A statement issued by the ministry on the Sustainable Financing Framework explained the local currency, the cedi also remained relatively stable.

“It is however important to note that, given the current market conditions, strong reserves position, the recent US$ 1.007 billion Special Drawing Rights (SDR) allocation and the relatively stable currency, the Government of Ghana does not intend to access the international capital markets again this year,” the statement read in part.

Ghana in March this year successfully issued bonds worth US$3.025 billion comprising the first 4-tranche Eurobond which included an innovative zero-coupon bond, under the 2021 ICM Programme.

The 4-tranche transaction was executed after a three-day virtual roadshow with a series of fixed income meetings with investors mainly domiciled in North America and Europe.

According to the Finance Ministry, based on feedback received from various investor engagements, including the roadshow meetings in March, Ghana accelerated its plans to develop and establish a Sustainable Financing Framework (the ‘Framework’) that could be used in connection with any future ESG linked or related capital markets issuance.