Audio By Carbonatix
When going to the debt markets, officials should dress well, but they should not try to dress up their economies in a misleading way, Kenya’s central bank governor said.
The country plans to raise as much as $2.5 billion in its third Eurobond issuance.
“There is no such thing as window dressing, and you should not hope that window dressing will help you; you should actually do what you need to do, make sure you have a solid argument, a solid foundation and wear a suit, and then you will get a good rate,” Patrick Njoroge told reporters Tuesday in the capital, Nairobi.
Kenya is planning on issuing the bond in the first quarter as it seeks to retire $750 million of debt maturing in June and raise funds for development projects.
Reorganizing the loans will allow East Africa’s biggest economy to lower the carrying costs of existing loans and lengthen their maturity profile.
Kenya’s debt rose to an all-time high of 5.15 trillion shillings ($51 billion) by September, representing 56.5 per cent of gross domestic product, the bank said.
“If I go and borrow, I need to tell the bank what my plans are for this money, what’s the project, the likelihood for success, what risk-mitigation measures I have in place, all those things,”Njoroge said.
“That is how you get a lower rate. It is not about anything else, it is about how you present yourself.”
Latest Stories
-
The Traffitech-GH SMS spot-fine system: The good, the sad, and the funny – Bright Simons writes
59 seconds -
Hawa Koomson pledges experienced and mature leadership of NPP women’s wing
1 hour -
Young woman found dead at Kasoa Peace Town
2 hours -
Playback: The Law examined lawful arrest in Ghana
2 hours -
Mahama urges African governments to treat healthcare as an investment, not budget cost
3 hours -
Bawumia congratulates John Boadu and new NPP executives, pledges support ahead of 2028
3 hours -
‘No talent should be left out’ – Bawumia pledges inclusive NPP campaign for 2028
3 hours -
Prof. Mike Oquaye recounts how he blocked the Special Prosecutor’s attempt to arrest Bawku Central MP
3 hours -
Make health sovereignty a priority for Africa – Mahama
3 hours -
Dorimon Naa, Wa West DCE lead massive clean-up exercise; threaten sanctions against recalcitrant residents
4 hours -
Photos from Adom FM Y2K Jam
4 hours -
Praye Tiatia steals the show at Adom FM Y2K Jam [Watch]
4 hours -
Boakye Agyarko congratulates John Boadu, pledges support for NPP leadership
4 hours -
Antwi HiMight thrills fans with Antwi ne Antwi hits at Adom FM’s Y2K Jam [Video]
4 hours -
Amb. Edward Boateng congratulates Boadu, Kodua on election wins
5 hours