Ghana

Today in History: Akufo-Addo fixing Mahama's mess - Gabby Otchere-Darko

General News of Tuesday, 11 May 2021

Source: www.ghanaweb.com

Gabby Asare Otchere-Darko is a leading member of the New Patriotic Party (NPP) Gabby Asare Otchere-Darko is a leading member of the New Patriotic Party (NPP)

Sometime in 2018, a leading member of the New Patriotic Party, Gabby Asare Otchere-Darko expressed satisfaction with the way President Nana Addo Dankwa Akufo-Addo took charge of the affairs of the country.

According to him, Nana Akufo-Addo was fixing the mess left behind by the erstwhile Mahama administration, growing the economy and also creating jobs and prosperity at the same time.

Mr. Otchere-Darko’s comment came after the government successfully sold $2 billion worth of dual-tranche Eurobonds with 10- and 30-year maturities.

In a Facebook post, he wrote: “The Akufo-Addo government is doing two things at the same time: fixing the mess left behind by the I-Shall-Return-Mahama government, and, at the same time, growing the economy to create jobs and prosperity. Take yesterday for instance, Ken Ofori-Atta and his team raised $2bn on a cheaper coupon with longer maturity on the bond market after an amazingly successful roadshow. Much of it is to pay NDC debts, mainly the $750m they borrowed less than 3 months before the 2016 elections. The liability management for the tender is about $700m notional amount. This means that plus the premium, we will pay about $819m to retire the 2022 bonds and still be left with another $750m new money for the budget. This makes a total of $1.569 billion, leaving an extra $431m, which Ghanaians should expect Government to take and put in the sinking fund and buy-back bonds if and when the prices are attractive,"

“Let me stress, this is the lowest coupon ever for a ten-year bond. Again, this is the first time we have issued a 30-yr bond and at rates lower than what the NDC issued, a five-year bond in 2016 (9.25%)” he added.

Read the full article as first published by ClassFM below:

Gabby Asare Otchere-Darko has expressed satisfaction with the way his uncle, President Nana Addo Dankwa Akufo-Addo is managing the country.

According to him, Nana Akufo-Addo is not only fixing the mess left behind by the erstwhile Mahama administration but also growing the economy


to create jobs and prosperity.

Mr Otchere-Darko’s comment comes after the government successfully sold $2 billion worth of dual-tranche Eurobonds with 10- and 30-year maturities on Thursday, 10 May 2018. In a Facebook post, the founder of Danquah Institute said:

“The Akufo-Addo government is doing two things at the same time: fixing the mess left behind by the I-Shall-Return-Mahama government, and, at the same time, growing the economy to create jobs and prosperity.

“Take yesterday for instance, Ken Ofori-Atta and his team raised $2bn on a cheaper coupon with longer maturity on the bond market after an amazingly successful roadshow. Much of it is to pay NDC debts, mainly the $750m they borrowed less than 3 months before the 2016 elections. The liability management for the tender is about $700m notional amount. Which means that plus the premium, we will pay about $819m to retire the 2022 bonds and still be left with another $750m new money for the budget.

This makes a total of $1.569 billion, leaving an extra $431m, which Ghanaians should expect Government to take and put in the sinking fund and buy-back bonds if and when the prices are attractive. Let me stress, this is the lowest coupon ever for a ten-year bond. Again, this is the first time we have issued a 30-yr bond and at rates lower than what the NDC issued, a five-year bond in 2016 (9.25%)!”

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