ACCRA, May 30 (Reuters) - Ghana named Standard Chartered Plc , Barclays Plc and Deutsche Bank as transaction advisers for its 2014 Eurobond of up to $1.5 billion, the finance ministry said on Friday.
No date was set for the Eurobond but Friday’s announcement confirms that government has decided to return to the bond market having put its plans on hold.
“Although the transaction team is expected to start work immediately on the preparatory activities, government will continue to monitor the market for a suitable execution window,” deputy finance minister Cassiel Ato Forson said in a statement.
Parliament has approved a $1 billion Eurobond in 2014 for capital expenditure, counterpart funding for financing pipeline projects and refinancing domestic and external debt, with the option of issuing an additional $500 million for refinancing existing debt.
Ghana produces oil, cocoa and gold and is one of Africa’s fastest-growing economies but it is wrestling with a high budget deficit, inflation and a sharply depreciating currency.
That initially caused the government to delay plans to seek a Eurobond given the elevated yields the country was likely to pay. Economists now say it should still tap foreign markets. (Reporting by Kwasi Kpodo; Writing by Matthew Mpoke Bigg; Editing by Louise Ireland)