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Ghana Explores Asian Markets For Sixth Eurobond Sale

Ghanaian officials will meet
investors in Asia next week to explore new markets for a $1 billion Eurobond
sale this year, government sources said on last week.
 The major commodity
exporter is seeking favourable terms for the bond, slated for April, amid
market uncertainty fuelled by the likelihood of a United States Federal Reserve
hike that could render sub-Saharan African debt unattractive.
  
Finance Minister Ken
Ofori-Atta and a deputy central bank governor will attempt to woo investors in
Singapore and Hong Kong to the sale, which is Ghana’s sixth.
 Previous debt was sold
mainly to investors in Europe and the United States.

Analysts said Ghana’s move
was unlikely to yield results as Asian markets target higher quality credits
such as those offered by Gulf countries.
 “It’s an odd choice
and we don’t see any interest from Asian accounts in African bonds,” a major
Europe-based fund analyst told the Media.
 If the Ghanaians succeeded,
they would change the dynamics of the African bond market, the analyst said.
 Ghana, which exports
cocoa, gold and oil is in its final year of a 918 million dollars credit deal
with the International Monetary Fund to narrow deficit, inflation and
public-debt, which hit 68 per cent of GDP last year.
 The government has yet
to announce lead advisors for the 2018 Eurobond sale, which it advertised in
this year’s budget.
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