Written by Dasmani Laary | From The Africa Report
Ghana has been forced to reveal how it spent $1 billion raised from a Eurobond after claims by the opposition that the government used the money to settle debts.
The Finance ministry said $200 million was used for short-term debt re-financing out which, $64,993,254.06 was disbursed and transferred to pay for the maturing three-year government bond of GH¢200 million in October.
“Thus, leaving a balance of US$135.01 million on this item,” the ministry said in a statement.
It added that $250 million would be used for the Ghana Infrastructure Investment Fund (GIIF) Account. As at October 24, this year, the total amount had been transferred into the GIIF account as a seed capital for the scheme, which will be commissioned in early 2015.
Read more at The Africa Report
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