Ghana to raise $50 billion from a 100-year bond

Ghana to raise $50 billion from a 100-year bond

- The President told the Chinese Premier that Ghana wants to raise the money for long term planning

- In China, the two countries signed eight different cooperation agreements

The President, Nana Akufo-Addo has expressed the country's willingness to float a $50 billion dollar bond that would see Ghana take 100 years to pay back to investors. These 100-year bonds are initiatives already undertaken by countries such as Argentina and Mexico.

Mr Akufo-Addo was in China speaking with President Xi Jinping on Saturday. The talks were part of a summit between the two countries bordering on economic cooperation.

The ceremony, according to the report from Myjoyonline.com, saw the signing of eight different co-operation agreements in Beijing between the two countries.

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In their discussions, the Ghanaian president reportedly told his Chinese counterpart: “The Ministry of Finance and the economists in Ghana are looking at floating a $50 billion Century Bond.

This will provide us with the resources to finance our infrastructural and industrial development. We are hoping that, at some stage, China will interest itself, and take a part of it as China’s contribution to Ghana’s development”

According to YEN.com.gh's findings there is actually growing appreciation for long-term debts and debt financing. This is despite the fact that investors have been known to turn down the opportunity due to interest rates fluctuations.

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It seems the plan of the Ghana government is to secure a massive capital investment to enhance long term planning as Mr Akufo-Addo said: “In order to do so, we are looking seriously at how we can secure sources of long-term finance that will allow us to deal with our infrastructural development, and also realise the vision of a Ghana Beyond Aid."

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Source: Yen.com.gh

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