Government says it had to extend the period for the EUROBOND Issue because of the rising interest on the previous bond issued.

The Finance Ministry in statement earlier today, indicated that it has ended engagements with investors on September 30 as part of the EURUBOND issue.

It however indicated that government will continue to consider the bond issue subject to favourable market condition.

This has led to speculations that the whole exercise has been suspended. But the Deputy Minister of Finance Ato Forson says that is not case.

According to him, the current market conditions were not good for the deal, hence the need to extend the period, “

 “At the time we announced the  roadshow,  the Ghana  2023 and 2026  bonds, was  trading on the secondary market at  around 9 percent, this moved  to about 11 percent.

Are you in a position to issue to benefit the country? Obviously no. So the best thing to do is to extend the EUROBOND issue.  

He also attributed the move to current challenges facing emerging markets as well as developments in China, slowdown in commodities market and uncertainties created by decision by US Federal Reserve.

Mr. Forson added that government will issue the bond when the market is favourable .