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Ghana says bond issue to clear $228 debt from GTC

Fri Sep 12, 2008 1:56pm EDT

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ACCRA, Sept 12 (Reuters) - 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.

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

The remaining $72 million would be used to meet other costs, Akoto said. (Reporting by Kwasi Kpodo; editing by Alistair Thomson)



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