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Ghana to issue $2 bln bond to help clear power firms debt

Reuters
A man trades U.S. dollars for Ghanaian cedis at a currency exchange office in Accra, Ghana, June 15, 2015. Picture taken June 15. REUTERS/Francis Kokoroko (Reuters)

CAPE TOWN (Reuters) - Ghana plans to issue a 10-year syndicated $2 billion bond before year end to clear legacy debt among its power utilities, a senior government official said on Tuesday. The lion's share of the proceeds of the bond was meant for power generation company, Volta River Authority, with the rest spread between GRIDCo and the Electricity Company of Ghana, said the chief director in the petroleum ministry, Thomas Akabzaa. (Reporting by Wendell Roelf; Editing James Macharia)