Finance Ministry Withdraws $1b Eurobond Agreement


The Ministry of Finance has withdrawn the $1 billion dollar Eurobond facility agreement from Parliament, has gathered.

The Ministry said it has noticed some “mistakes” in the Memorandum accompanying the agreement.

There are also indications that the Finance Ministry could lay a new agreement on the Eurobond before close of today’s [Tuesday] sitting.

Government early this month announced plans to issue the Eurobond to settle government’s debt that will mature in 2017.

Last year it issued another Eurobond which was to be used to finance government expenditure and infrastructure.

This year’s Eurobond is expected to boost the Cedi which has seen some significant level depreciation against major foreign currencies this year.

The Cedi has depreciated by a little over 12 percent on the interbank market between January and March this year.

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