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Africa Economy: Ghana to woo investors on a non-deal road show

Xinhua, April 6, 2016 Adjust font size:

Ghana has embarked on a non-deal road show to sell its story to investors, the Finance Ministry said in a statement on Tuesday.

The statement said the road show is a routine activity to share information on financial and economic developments with investors.

A series of publications had suggested that Ghana would issue its 5th Eurobond at the end of the ongoing road show.

"There is no intent to issue any Eurobond on this particular mission," the ministry countered.

The west African country issued its 4th Eurobond last year for 1.0 billion U.S. dollars at a yield of 10.75 percent but with a 15-year maturity.

Fitch Ratings late last month maintained Ghana's rating at B, but with a negative outlook, cautioning that any further drop in commodity prices could affect the economy seriously in the near future.

Similar ratings last year were blamed for the higher yields that investors demanded for Ghana's 1.0 billion dollars Eurobond.

The rating agency projected that improvement in Ghana's growth hinges on better commodity prices and the start of crude oil production. Enditem