Ghana plans bond issue to clear GT’s USD228m of debt

15 Sep 2008

The government of Ghana is planning a USD300 million bond issue, part of the proceeds of which will be used to clear USD228 million of debt assumed from Ghana Telecom (GT), Reuters reports citing the Deputy Finance Minister Anthony Osei Akoto as saying last Friday. The government agreed to take on the debt as part of its agreement to sell a 70% stake in GT to Vodafone Group for USD900 million on a debt-free basis, in July. The remaining USD72 million will be used for ‘other costs’, Akoto said.

Ghana, Vodafone Ghana