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Business News of Tuesday, 25 September 2018

Source: classfmonline.com

100-year $50bn bond will boost economy, shore up cedi – Ofori-Atta

The government has hinted at plans to restructure the economy by issuing a $50 billion century bond.

Minister of Finance, Ken Ofori-Atta, has expressed optimism that the century bond will contribute to strengthening the falling cedi.

Speaking with the parliamentary press corps on Monday, 24 September 2018, Mr Ofori-Atta said the government is exploring several means in its bid to stabilise the currency.

“For now, we are structuring what we call the century bond of $50 billion, and a successful century bond will then make everybody pretty comfortable about the future of our needs for both infrastructure and the foreign exchange we need, so that we have more stability”.

Mr Ofori-Atta continued: “As you also begin to see the realisation of industrialisation, that means that something like food, which we used to import about $2.4 billion a year, we will begin to cut down on that; that is a lot of savings”.

He was positive that measures being implemented by the government will lead to the development of the economy in the coming months.