Finance Minister, Seth Terkper, has justified moves for a possible issue of Ghana's third Eurobond in July despite concerns of unfavourable market conditions.

Managing Director of  the International Monetary Fund (IMF), Christine Largard, has warned Ghana could be taking on too much debt in dollars through the issuance of the Eurobond.

She says the practicehas the potential to further harm the country's economy.

Speaking on the sidelines of the 'Africa Rising' conference in Maputo, Mozambique, Christine Largard said increasing yields on the bonds indicate investors see the bonds as high risks.

"Probably to those two messages [high yields and risks], the government [of Ghana] should be attentive..and cautious about overloading the country with too much debt", she said.

However, Mr. Terkper, is also at the conference in Maputo told Joy Business his outfit will be guided by conditions on the market in issuing the third bond. 

If the bond issues comes off next month, Ghana is likely  pay a little over 9 percent as interest -- the highest  among its pears that have issued a sovereign bond.

Ghana's second Eurobond is also currently hovering around 9 percent.

But Mr Terpker says Ghana can still take advantage of the market conditions.

"We are not doing it at 15 percent. There was a time when emerging markets interest rates were 15 percent, 12 percent", he said, noting that even during those periods, countries that issued at those peaked interest rates pulled through.

He said it is important to assess the markets and take advantage of inherent opportunities available to the country.

Government is hoping to use proceeds from the bond issue to finance some projects  in the budget, pay debts and fund infrastructural  projects.