Ghana Preparing $1.4 Billion Bond Sale to Clear Energy Debt (By Bloomberg)

1. The sale is the first tranche of a plan to sell as much as 10 billion cedis in bonds through a special-purpose vehicle and backed by a tax on the sale of petroleum products, Ofori-Atta said by phone from Washington on Thursday.

2. The three major power utilities, Electricity Company of Ghana, Volta River Authority and Ghana Grid Company, had 7.

3. Ghana is selling the debt, which will not be backed by a sovereign guarantee, to clear arrears owed to banks by state-owned electricity and petroleum utilities.

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