March 20, 2018 / 11:45 AM / 3 months ago

Ghana to name four lead advisors for $2.5 billion Eurobond sale

ACCRA (Reuters) - Ghana is set to name four banks as lead advisers for a planned sale of up to $2.5 billion of Eurobonds, expected by June, sources close to the transaction said on Tuesday.

The exporter of cocoa, gold and oil is seeking to raise $2.5 billion to pay off debt and finance its 2018 budget.

Standard Chartered Bank, JP Morgan, Bank of America and Citibank will advise on the bond sale, the sources said, with Fidelity Bank and IC Securities participating as local partners.

One source told Reuters the lenders would be meeting Ministry of Finance officials this week to finalize details of the planned transaction.

Ghana is in its final year of a $918 million credit deal with the International Monetary Fund under which it is aiming to reduce the budget deficit, inflation and public debt, which hit 68 percent of GDP last year.

Reporting by Kwasi Kpodo; Editing by Sofia Christensen

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