Ghana Seeks $750 Million Loan From StanChart, Standard Bank
(Bloomberg) -- Ghana’s finance ministry is in talks with Standard Chartered Plc and Standard Bank Group Ltd. for a syndicated loan facility of $750 million to pay for infrastructure projects and refinance existing debts.
Finance Minister Ken Ofori-Atta will present the proposal to lawmakers Friday in the capital, Accra, according to the parliamentary order paper. The proceeds will be used “to fund or refinance development projects and for liability management in Ghana as approved” in the 2019 budget, according to the document.
Ghana needs $2 billion in foreign-currency debt to help finance its budget and will take on an additional $1 billion if it’s able to secure loans or securities at lower rates than what it’s paying for existing liabilities. Last month, West Africa’s biggest economy after Nigeria appointed five banks, including StanChart and Johannesburg-based Standard Bank, as lead arrangers for a Eurobond sale, according to people familiar with the matter.
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