The Minister for Finance, Ken Ofori-Atta has received commendations for employing innovative measures in managing the country’s finances and steering the economy back to its pre COVID-19 levels.
John McDermott, who is the Chief Africa Correspondent for the Economist commended the Minister for playing a critical role in rejuvenating the economy, restoring macroeconomic stability and renewing investor confidence in an economy that suffered a setback from the coronavirus pandemic.
Tweeting via the handle @johnpmcdermott, he described the Minister as “Africa’s most innovative Finance Minister” as Ghana prepares to raise $1 billion through the sale of sustainable bonds, including Africa’s first social debt.
The proceeds of the bonds will help refinance domestic debt used for social, environmental and educational projects.
The sale, likely to be a mix of social and green bonds comes months after Ghana sold four-year zero-coupon debt to international investors as part of a $3.025 billion Eurobond deal that also included 20-year, 12-year and seven-year securities.
This will help reduce government budget gap which is expected to be 9.5% of gross domestic product this year, down from a 11.7% shortfall in 2020.