Ghana's Bond Issue to Clear GT Debt

Ghana's planned $300 million bond issue will be used to clear $228 million in debts assumed from Ghana Telecom Corporation (GTC), Deputy Finance Minister Anthony Osei Akoto said on Friday.

The government assumed the debt from Ghana Telecom under an agreement reached in July to sell a 70% stake in the company on a "debt-free" basis to Britain's Vodafone Group for $900 million, Akoto said.

The remaining $72 million would be used to meet other costs, Akoto said.

Ghana's planned $300 million bond issue will be used to clear $228 million in debts assumed from Ghana Telecom Corporation (GTC), Deputy Finance Minister Anthony Osei Akoto said on Friday.

The government assumed the debt from Ghana Telecom under an agreement reached in July to sell a 70% stake in the company on a "debt-free" basis to Britain's Vodafone Group for $900 million, Akoto said.

The remaining $72 million would be used to meet other costs, Akoto said.