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 status.
John McDermott, 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.
In a tweet, McDermott described Ofori-Atta as “Africa’s most innovative Finance Minister” as Ghana prepares to raise US$1 billion through the sale of sustainable bonds, including Africa’s first social debt.
Ken Ofori-Atta is Africa’s most innovative finance minister https://t.co/KBFqYzFZbF
— John McDermott (@johnpmcdermott) June 23, 2021
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 US$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.
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