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IMF approves next disbursement under Ghana's aid deal

by Margaret Vail (2018-06-30)

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ACCRA, April 30 (Reuters) - The International Monetary Fund´s board on Monday approved the next disbursement coupon code of about coupon code $191 million coupon code under Ghana´s coupon code aid program, while coupon code coupon code urging the West African coupon code country to take further steps to address its high debt.

The commodity exporter coupon code will begin a road show this week coupon code to market coupon code a $2.5 billion coupon code Eurobond issuance to restructure debt coupon code coupon code and support the coupon code government's coupon code 2018 budget, coupon code a senior coupon code government official said.

Ghana is coupon code in its final year of the $918 million credit deal coupon code signed in coupon code April 2015 to fix its economy, dogged by high deficits, inflation and a distressing public debt.

"As the debt burden remains elevated, continued prudence in debt management is essential to reduce the risks associated with market-based borrowing," Tao Zhang, deputy managing director of the IMF, said in coupon code a statement.

Finance Minister Ken Ofori-Atta told Reuters last week that the government was looking to issue the Eurobonds with a coupon code in the 7 percent range, well below previous sales.

"The process for the issuance is ongoing and the road show is going to start this week," a senior government official told Reuters on Monday.

The government appointed Standard Chartered Bank, JP Morgan, Bank of America and Citibank to advise on the bond sale, with Fidelity Bank and IC Securities participating as coupon code local partners. (Reporting coupon code by Kwasi Kpodo; Editing by Aaron Ross and coupon code Peter Cooney)

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