Gov’t searches for Co-Managers for the 2021 Medium Term ICM Programme

Finance Minister, Ken Ofori Atta

The Government of the Republic of Ghana intends to launch a 2021 International Capital Market (ICM) funding programme for the medium term.

Accordingly, the government says it is looking for Co-Managers for the 2021 Medium Term ICM Programme.

For the 2021 portion of the programme, the Government intends to raise up to US$ 5.0 billion to support growth-oriented expenditures in the 2021 Budget, conduct liability management including refinancing domestic debt and a buyback of some selected outstanding Eurobonds.

As such, the Ministry of Finance wishes to request for EOI from qualified and reputable Co-Managers to partner the International Transaction Advisors for the various instruments under the programme.

“It must be noted that, in accordance with the Requirements and Responsibilities of Primary Dealers and Bond Market Specialists, the Co-Managers would be sourced from those who qualify as Bond Market Specialists and/or Investment Advisors,” a statement published by the Finance Ministry said.


The instruments for the programme consist of the following broad group of instruments:

1. Eurobonds;

2. Diaspora Bonds;

3. Sustainable Bonds (Green Bonds and Social Bonds); and

4. Syndicated Term Loans


The selected Co-Managers shall be required to provide the following services:

Develop, or review, a financing plan including recommendations for the timing and amount of bonds to be issued.

Advise as to the various financing alternatives available to the Government

Assist the Ministry to develop credit rating presentation(s) and coordinate with the Ministry the presentation(s) to credit rating agencies.

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Review the terms, conditions and structure of any proposed debt offering undertaken by the Ministry and provide suggestions, modifications, and enhancements where appropriate and necessary to reflect the constraints or current financial policy and fiscal capability.

Coordinate with the Ministry’s staff and other advisors as respects the furnishing of data for offering documents

Review Preliminary Investor Presentations prepared on behalf of the Ministry for use in marketing bonds

As applicable, advise the Ministry on the condition of the bond market at the time of sale, including volume, timing considerations, competing offerings, and general economic considerations.

Assist and advise the Ministry in negotiations with investment banking groups regarding fees, pricing of the bonds and final terms of any security offering and make recommendations regarding a proposed offering to obtain the most favorable financial terms based on existing market conditions.

Work with the International Transaction Advisors and other professionals including Legal Counsel and Local Advisors to assist in the execution of the program where necessary; and

In addition to the services identified above, provide related services as requested by the Minister.

The aforementioned tasks are intended only as a guide and should therefore not be taken as exhaustive.

By Laud Nartey||Ghana