Nana Addo busy fixing Mahama's mess – Gabby

Gabby said his uncle, Nana Addo is busy fixing the mess and rot bequeathed to him  by former President John Mahama.

He said his uncle, Nana Addo is busy fixing the mess and rot bequeathed to him  by former President John Mahama.

He said the government is creating jobs for the unemployed and putting the economy back on track.

His comment comes after government successfully sold $2 billion worth of dual-tranche Eurobonds with 10- and 30-year maturities.

In a Facebook post, he 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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