ADVERTISEMENT

Ghana is seeking a $750 million loan from StanChart and Standard Bank, here's how it plans to spend it

The government of Ghana has announced that it is in talks with Standard Chartered Plc and Standard Bank Group Ltd. for a bridge loan of $750 million.

Minister of Finance, Ken Ofori Atta

The government says it will repay the facility with the proceeds of an Eurobond sale.

ADVERTISEMENT

The finance ministry listed the proposal for a syndicated loan in the last Friday’s parliamentary order papers and said it is intended to “fund or refinance development projects and for liability management.

Recently, Nigeria appointed some five banks as lead arrangers for Eurobond sale which included StanChart and Johannesburg-based Standard Bank.

Ghana has, therefore, seized the opportunity to negotiate the $750 million loan from the StanChart and Standard Bank.

The chairman of the finance committee, Mark Assibey-Yeboah told Bloomberg in an interview that the facility would be a short-term loan.

He said, “This is bridge financing against the Eurobond,” adding that, “the bond sale may take two or three months to be finalised.

Ghana needs $2 billion in foreign-currency debt to help finance its budget and will take on an additional $1 billion if it’s able to secure loans or securities at lower rates than it’s paying for existing liabilities.

This loan will hence be used to fund or refinance development projects and for liability management.

ADVERTISEMENT

Eyewitness? Submit your stories now via social or:

Email: news@pulselive.co.ke

Recommended articles

Linet Toto excited as she unveils sleek ride after 1 month in office [Photos]

Linet Toto excited as she unveils sleek ride after 1 month in office [Photos]

Aliko Dangote the richest man in Africa just got richer

Aliko Dangote the richest man in Africa just got richer

Africa’s richest man Aliko Dangote poised to overtake another Russian billionaire Vladimir Lisin on Bloomberg billionaires list

Africa’s richest man Aliko Dangote poised to overtake another Russian billionaire Vladimir Lisin on Bloomberg billionaires list

Diwali 2022: Is Monday a public holiday in Kenya?

Diwali 2022: Is Monday a public holiday in Kenya?

Mzee Kibor's will made public, revealing how vast wealth and millions will be distributed

Mzee Kibor's will made public, revealing how vast wealth and millions will be distributed

Ini Edo posts new photos amid reports of welcoming a baby through surrogacy

Ini Edo posts new photos amid reports of welcoming a baby through surrogacy

Mathias Pogba brands Paul Pogba 'a so-called Muslim steeped in witchcraft' amid fetish claims about Kylian Mbappe

Mathias Pogba brands Paul Pogba 'a so-called Muslim steeped in witchcraft' amid fetish claims about Kylian Mbappe

Referee behind chaos at AFCON was rushed to hospital after match

Referee behind chaos at AFCON was rushed to hospital after match

Ne-Yo speaks out after wife Crystal announced end of their 8-year marriage

Ne-Yo speaks out after wife Crystal announced end of their 8-year marriage

ADVERTISEMENT