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Finance Minister, Ken Ofori-Atta, has hinted that the next budget reading will announce processes for the issuance the government\u2019s ambitious 50 billion dollar century bond.<\/p>\n
According to Mr. Ofori-Atta, the issuance of the bond should help address major challenges confronting the country such as the cedi depreciation.<\/p>\n
The decision to issue the 50 billion dollar century bond was first announced by President Akufo Addo when he visited China early in September this year.<\/p>\n
The government has indicated that the move to issue a century bond in the future is aimed at accelerating the country\u2019s infrastructure development.<\/p>\n
Mr. Ofori-Atta in an interview with\u00a0\u00a0<\/strong>Citi Business\u00a0said next year\u2019s budget will capture the bond as a major revenue generating venture.<\/p>\n \u201cI think the concept will be in there and the fundraising will begin immediately after the budget. We are excited about it because we have gone through the worst of times as a country and certainly we need to increase liquidity in the system,\u201d he said.<\/p>\n He added, \u201cWe hope to issue this bond as a shelf offering with zero interest in the first five years, hoping that it will give time for results from the intended purpose.\u201d<\/p>\n Mr. Ofori-Atta observed that the rebasing of Ghana\u2019s economy will expand the economy by about 20 per cent, and it is also expected to bring down the debt to GDP ratio.<\/p>\n \u201cIn a conservative way I am not expecting more than 2o percent reduction.\u201d<\/p>\n