Over-subscribed bond a solid vote of confidence in Ghana’s economy – IMANI

A Vice President of IMANI Africa, Kofi Bentil has said the over-subscribed bonds of the Ghana government is huge win for Government and a vote of confidence in the Economic Management team of Ghana.

In a post sighted by MyNewsGh.com from Mr Bentil, the IMANI chief said for the fact that Ghana needed only $3 billion but had up to $21 billion in offers means there is strong confidence in the economy of Ghana.

Congratulating the Finance Minister Ken Ofori-Atta and his team, Bentil said it is a huge “win”.

He wrote: “$21 billion, we needed $3.

That’s a huge win. And vote of confidence in our economy. Congrats to the Finance Minister and Team.”

His comment is in line with the government’s own assessment that it considers the successful issuance of the $3 billion Eurobond at record rates as a vote of confidence in Ghana’s economic resurgence, as reported by MyNewsGh.com.

Ghana on Tuesday, 19 March 2019 successfully issued the bond in a single transaction of three tranches.

At the close of the roadshow in London, the appetite for the 2019 sovereign bond had hit $21 billion – seven times the expected amount.

Addressing journalists in Accra on Wednesday, the Minister of Information, Mr Kojo Oppong Nkrumah, said the government’s consideration that success of the issuance is a vote of confidence, is founded on three pillars which include the growing global confidence in Ghana’s economic resilience.

“The global investment community has, by this oversubscription to this magnitude, signalled their faith in Ghana’s new ability to churn out strong returns on investments, and, consequently, service its obligations.”