Government has commenced the processes for the 2021 International Capital Market (ICM) Funding Programme.

Government is expected to raise up to $5 billion and the funds will be used to support growth-oriented expenditures in the 2021 Budget as well as conduct liability management of both Eurobonds and Domestic Bonds.

According to a statement from the Finance Ministry, Bank of America, Citi Bank, Rand Merchant Bank, Standard Chartered Bank and Standard Bank have been penciled down as Lead Managers for the raising of the Eurobonds.

The statement further said the programme instruments consist of Eurobonds, Diaspora Bonds, Sustainable Bonds and Syndicated/Bridge Loans.

"One of the key mandates for the Banks is to advise government on various alternative funding structures and options especially for the Eurobond, that would best fit Ghana’s funding requirements and provide the fiscal capacity to further support economic revitalization and recovery at this time".

In the 2021 Expenditure in Advance Appropriation presented by Ken Ofori-Atta in October last year, the government indicated its plan to raise $5 billion in Eurobond to finance the budget.