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Ken Ofori Atta Justifies $50b Bond; Says It Will Boost Economy

By Eric Nana Yaw Kwafo
Finance Minister, Ken Ofori-Atta
Finance Minister, Ken Ofori-Atta

The Minister for Finance, Mr. Ken Ofori-Atta has defended the Government’s decision to go in for a $50 billion century bond. According to him, Government’s plans to restructure the economy of the country will be boosted once the bond is acquired.

His Exellency Nana Addo Dankwa Akufo-Addo late last month during his visit to China announced that the Ministry of Finance and Government are looking at floating a $50 billion Century Bond. The moved he defended will provide us with the resources to finance our infrastructural and industrial development.

Speaking with the parliamentary press corps today, the finance minister has expressed that the bond will be a means to boost the economy of the country as well as strengthen the cedi which is currently performing poorly on the stock market. Mr. Ofori-Atta further stated that the government is exploring several avenues in its bid to stabilize the currency.

“For now, we are structuring what we call the century bond of $50 billion, and a successful century bond will then make everybody pretty comfortable about the future of our needs for both infrastructure and the foreign exchange we need, so that we have more stability”, he said.

He continued that once the bond is acquired money will be pumped into industrialization and it will eventually lead to the cut down of import of something like food which costs the country about $2.4 bullions dollars a year.

“As you also begin to see the realization of industrialization, that means that something like food, which we used to import about $2.4 billion a year, we will begin to cut down on that; that is a lot of savings”.

He also assured that the move by Government is to ensure that measures are implemented for the development of the economy in the country.