Ghana would seek $1 billion (R10.7bn) from a eurobond this year as it headed into talks with the International Monetary Fund (IMF) aimed at restoring fiscal balance as part of a plan of economic reform, President John Mahama said on Friday.
The country might look for further financing if it could secure an assistance deal with the IMF, he said, adding that former finance minister Kwesi Botchwey would lead the talks from September 16.
Ghana said last month that it would seek an IMF deal to tackle fiscal problems including inflation, a stubborn budget deficit and a currency that has tumbled 40 percent this year.
These problems have complicated plans for a third eurobond to fund infrastructure and repay debt from its first eurobond issued in 2007, potentially raising the cost of borrowing and making the debt less attractive to investors. – Reuters