Government to get US$1 billion from foreign banks - News Summed Up

Government to get US$1 billion from foreign banks


Business News of Sunday, 12 June 2022Source: www.ghanaweb.comThe Government of Ghana will get US$1 billion from some international banks for budget purposes and to boost the Central Bank reserves as the country seeks to cut its fiscal deficit and stabilise the cedi. According to a Bloomberg report sighted by GhanaWeb, Ghana raised $750 million through syndicated loans with the participation of about eight African and European banks and $250 million from multilateral lenders. Standard Bank Group Ltd., Standard Chartered Plc and Rand Merchant Bank Ltd. led the arrangements, the report added. The rest will go to the Bank of Ghana to beef up its resources for swap deals. "Ghana’s debt ratio rose to 78% of GDP at the end of March, from 66.3% of GDP a year before.


Source: GhanaWeb June 12, 2022 18:09 UTC



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