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06.02.2009 General News

Government Assures Eurobond Payments

By ISD (Tony Goodman)

A former Deputy Minister for Finance, Hon Moses Asaga, has assured the Ghanaian public that the National Democratic Congress (NDC) government does not intend to default on repayments of the $750 million Eurobond the West African country issued in 2007.

He made this known in Accra when he chaired a three-man transitional finance committee.

The Chairman noted that Ghana intends to reduce its budget deficit to 9 percent of Gross Domestic Product (GDP) in the first year of John Evans Atta Mills' presidency, down from 13.5 percent in 2008, Asaga told Reuter, 'We are committed to making good our obligations,' he said.

The administration said last month it was 'broke' after spending by the previous government pushed up the fiscal deficit, raising concerns among investors holding the Eurobond.