Parliament ratifies gov't’s request Sovereign bond after initial brouhaha


Parliament has after the initial brouhaha ratified government’s request the issuance of the 2016 One Billion Dollar Sovereign bond. 

The House approved the request after the Speaker Edward Doe Adjaho posed the voice vote question of which the Majority won. 

The Eurobond is part of government’s initiatives to raise cheaper and long term resources for next year. 750 Million Dollars will be used to support the 2016 budget and the remaining 250 Million Dollars will go into refinancing of domestic and external debts. 

According to the Minister of Finance, Seth Terkper the Eurobond forms part of government’s fiscal and debt management strategies aimed at achieving fiscal consolidation. 

The Bond is under a six month Coupon payment terms and will mature in ten years. 

The Speaker Edward Doe Adjaho called for the consequential resolution on the motion to be taken and that was done by the Finance Minister.

GBC