Today in History: We'll go on Eurobond market for financial assistance, not IMF - Ofori-Atta

Last year, the Finance Minister, Ken Ofori-Atta, stated that Ghana would rather go to the Eurobond market instead of the International Monetary Fund.

He made the comment after projections were made by some economists that Ghana will go back to IMF for funds to deal with the rising debt stock and other pressures on the economy.

In July 2022, Ghana went to the IMF.

Read the full story originally published on November 9, 2021, by GhanaWeb

• Government bought shares on the Eurobond market

• Ken Ofori-Atta said the Eurobond market will be the country's last resort for funds to boost the local economy

• This is in reaction to claims that government will run to IMF for aid

Finance Minister, Ken Ofori-Atta, has squashed claims that government will run to the International Monetary Fund (IMF) to financial assistance.

His comment comes after projections made by some economists that Ghana will go back to IMF for funds to deal with the rising debt stock and other pressures on the economy.

In a Citi Business News report, Ken Ofori-Atta said government will rather go on the Eurobond market to look for funds.

Reacting to whether or not government will run back to IMF, Ken Ofori-Atta said, “Absolutely not. We’ve gone to the Eurobond market, I guess 4 out of the 5 years since we came and those are always alternatives that we consider.”

Minister for State at the Ministry of Finance, Chares Adu Boahen, had earlier said the purchase of Africa’s first zero-coupon dollar bond would help the country limit interest payments over the four-year term.

According to the Finance Ministry, the average weighted interest rate on the country’s domestic debt stood at 17.2% at the end of 2020 compared with 5.3% for external debt.