Finance Ministry releases details of $1 bn Eurobond utilisation The Finance Ministry has offered the following details about the disbursement and utilisation of the $1 billion Eurobond proceeds in a release issued: i. An amount of US$200 million was planned to be used for short-term debt re-financing. Of this amount, a total disbursement of US$64,993,254.06 was transferred to pay for the maturing 3-year Government Bond totalling GH¢200 million on 15th October, 2014. Thus, leaving a balance of US$135.01 million on this item. ii. Secondly an amount of US$250 million was planned to be used for Ghana Infrastructure Investment Fund (GIIF) Account. As at 24th October, 2014 the total amount had been transferred into the GIIF Account as a Seed Capital for the Scheme which will be commissioned in early 2015. iii. Thirdly, an amount of US$250 million was planned to be used to fund capital expenditure projects. As at today, a total of US$114.95 million has been used to pay for various projects, leaving a balance of US$135.05 million. iv. Finally, an amount of US$288.71 million was planned for Counterpart Funding. Nothing has been utilised so far, under this component. The $1 billion bond has a 12-year maturity, with a coupon at a rate of 8.125%.
Posted on: Sat, 13 Dec 2014 11:38:06 +0000
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