The sports category has moved to a new website.

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.

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.

ADVERTISEMENT

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

African countries with the highest divorce rate

African countries with the highest divorce rate

10 African cities with the highest crime index at the start of 2024

10 African cities with the highest crime index at the start of 2024

Machoka at 70: Emotions run high during Citizen TV presenter's birthday [Video]

Machoka at 70: Emotions run high during Citizen TV presenter's birthday [Video]

Diwali 2022: Is Monday a public holiday in Kenya?

Diwali 2022: Is Monday a public holiday in Kenya?

Akothee finally reveals reasons for separating from Omosh 1 month after wedding

Akothee finally reveals reasons for separating from Omosh 1 month after wedding

Man, once a ‘billionaire’, recounts how he lost wealth, now sells his book on streets [Video]

Man, once a ‘billionaire’, recounts how he lost wealth, now sells his book on streets [Video]

Details of Ngina Kenyatta's luxurious restaurant

Details of Ngina Kenyatta's luxurious restaurant

Zero Chills! Jackie Matubia's advice for Milly Chebby amid the unfollow drama

Zero Chills! Jackie Matubia's advice for Milly Chebby amid the unfollow drama

Nigerian royal dignitaries, including four kings and a queen, expected to attend Museveni’s 50th wedding anniversary celebrations

Nigerian royal dignitaries, including four kings and a queen, expected to attend Museveni’s 50th wedding anniversary celebrations

ADVERTISEMENT