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Ghana to name advisers on Friday for Eurobond of up to $1.5 bln

شعار Reuters Reuters 29/05/2014

MAPUTO - Ghana will announce advisers on Friday for a Eurobond issue of up to $1.5 billion, Finance Minister Seth Terkper told Reuters on Thursday, suggesting the issue of the country's third Eurobond could be imminent.

"We are just about to announce the advisers," Terkper told Reuters on the sidelines of an International Monetary Fund (IMF) conference in the Mozambique capital. "Nobody goes to the market with a fixed date," he said, adding that the government was looking for a window for the issue. Ghana produces oil, cocoa and gold and is one of Africa's fastest growing economies.

But the government faces problems including a stubbornly high budget deficit, escalating inflation and a cedi currency that has fallen around 27 percent against the dollar since January amid strong import demand and broader fiscal concerns.

Terkper expressed confidence in the cedi and said its current value reflected market conditions.

"We would have wished for a stronger cedi but it's reflecting more of the market now," he said, adding: "The depreciation itself has also resulted in some correction in terms of imports."

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