No More Borrowing: Minority MPs Win Votes Againts Gov’t’s $1Bn Loan

No More Borrowing: Minority MPs Win Votes Againts Gov’t’s $1Bn Loan

Minority in Parliament have prevented government from securing yet another 1 billion dollar Eurobond in what has been described as a historic parliamentary event with 67 Members of Parliament (MPs) voting against the motion, whilst 66 voting in favour.

The win follows the over subscription of Ghana's fourth Eurobond which saw orders exceeding US$2 billion as compared to an earlier target of US$1 billion.

The Eurobond exists withing a tenure of 15 years amortizing in years 2028, 2029 and 2030. The principal is then repaid in three installments of US$333 million in 2028 and 2029 and US$334 million in 2030.

 

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