Energy Sector Bond Road Show begins Featured

Oct 20, 2017

The government has begun a road show for the energy sector bond. The show commenced in London on Thursday, October 19, 2017 and there will be another in Accra on October 23, 2017.
An independent special purpose company established and sponsored by the Republic of Ghana acting through the Ministry of Finance, E.S.L.A. Plc, has appointed Standard Chartered Bank Ghana Limited and Fidelity Bank Ghana Limited to arrange a series of fixed-income investor meetings in London and Accra.
Co-managers on the mandate are Temple Investments and GCB Bank. The US$2.5 billion bond will be used to offset the US$2.4 billion in the energy sector debt which nearly led to the collapse of some banks in the country.
The bond, which will be auctioned in tranches will start with a first tranche of GHS6 billion, which translates to about US$1.3 billion.
Processes towards the issuance of the bond was expected to begin in September but government faced some approval challenges.
A high powered government delegation has therefore begun a road show to entice investors to purchase the bond.