Gabby Asare Otchere-Darko has expressed satisfaction with the way his uncle, President Nana Addo Dankwa Akufo-Addo is managing the country.
According to him, Nana Akufo-Addo is not only fixing the mess left behind by the erstwhile Mahama administration but also growing the economy to create jobs and prosperity.
Mr Otchere-Darko’s comment comes after government successfully sold $2 billion worth of dual-tranche Eurobonds with 10- and 30-year maturities on Thursday, 10 May 2018.
In a Facebook post, the founder of Danquah Institute, said: “The Akufo-Addo government is doing two things at the same time: fixing the mess left behind by the I-Shall-Return-Mahama government, and, at the same time, growing the economy to create jobs and prosperity.
“Take yesterday for instance, Ken Ofori-Atta and his team raised $2bn on a cheaper coupon with longer maturity on the bond market after an amazingly successful roadshow. Much of it is to pay NDC debts, mainly the $750m they borrowed less than 3 months before the 2016 elections. The liability management for the tender is about $700m notional amount. Which means that plus the premium, we will pay about $819m to retire the 2022 bonds and still be left with another $750m new money for the budget.
“This makes a total of $1.569 billion, leaving an extra $431m, which Ghanaians should expect Government to take and put in the sinking fund and buy-back bonds if and when the prices are attractive. Let me stress, this is the lowest coupon ever for a ten-year bond. Again, this is the first time we have issued a 30-yr bond and at rates lower than what the NDC issued, a five-year bond in 2016 (9.25%)!”
Source: classnews
Disclaimer: Opinions expressed here are those of the writers and do not reflect those of Peacefmonline.com. Peacefmonline.com accepts no responsibility legal or otherwise for their accuracy of content. Please report any inappropriate content to us, and we will evaluate it as a matter of priority. |