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UPDATE 1-Ghana to raise up to $5 billion on international capital markets

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ACCRA, Dec 10 (Reuters) - Ghana intends to raise up to $5 billion in 2021 on international capital markets to support budget expenditures, buy back outstanding Eurobonds and allow the government to refinance domestic debt, the finance ministry said on Thursday.

The funds will be raised through Eurobonds, diaspora bonds, sustainable bonds and syndicated term loans, the ministry said in a note seeking transaction advisors.

Ghana issued $3 billion in Eurobonds in 2020. High government spending has pushed its debt-to-GDP ratio past 70% and prompted warnings from the International Monetary Fund.

President Nana Akuffo-Addo on Wednesday was declared the winner of a close election. He campaigned on promises to implement a $17 billion programme to boost growth in one of West Africa’s largest economies. (Reporting by Christian Akorlie; Writing by Aaron Ross; Editing by Jon Boyle)

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